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The index, called Bloomberg Galaxy Crypto Index, will track some
of the largest virtual currencies trading against the US dollar
including bitcoin, ether, monero, ripple and zcash.
The index will be owned and administered by Bloomberg. It is
weighted based on market capitalization of each coin and uses
data sources vetted by the two firms, they said.
Galaxy and Bloomberg added that creation of the index reflects
growing interest by their clients in the new asset class and
would help the market improve.
"The Bloomberg Galaxy Crypto Index brings unprecedented
transparency to the crypto markets," Novogratz said.
Cryptocurrencies, of which bitcoin is the most valuable, are
pieces of computer code that are not backed by any central bank
or hard asset. Prices of cryptocurrencies rallied last year,
spurring interest from some mainstream financial firms and
prominent investors.
Novogratz, a former hedge fund manager at Fortress Investment
Group and Goldman Sachs Group <GS.N> partner, has been one of
the most outspoken advocates of cryptocurrencies on Wall Street.
He originally set out to launch a cryptocurrency hedge fund, but
halted plans in December. Instead, early this year unveiled
Galaxy Digital, a merchant bank focused on digital assets.
(Reporting by Anna Irrera; Editing by David Gregorio)
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