Leading index provider, S&P Dow Jones Indices (S&P DJI) announced to use customizable Cryptocurrency Indexing services starting from 2021 in partnership with leading New York City-based crypto asset software and data company, Lukka.
With the evolving cryptocurrency market in recent years, the need for reliable pricing data has significantly increased. These cryptocurrency index capabilities will make it easier for investors to access while potentially mitigating some of the common risks associated with the market. S&P DJI’s well-established index governance and independence can provide diversified exposure from a series of branded and custom indices supported by Lukka’s exclusive crypto asset pricing data.
The time for cryptocurrency has come
S&P DJI is a renowned name in creating innovative and relevant indices to represent market performance globally. Upon the collaboration with Lukka, Global Head of innovation and strategy, Peter Roffman said that they are excited to partner with Lukka in this initiative. This is the right time for setting up strong hold on emerging digital assets a.k.a cryptocurrencies and establishing ‘reliable and user-friendly’ benchmarks. Lukka has been promoting transparency in this sector and been in the forefront. The collaboration between the two is considered essential to bridge the gap between the crypto asset ecosystem and traditional financial services.
“Customers with crypto data requirements will soon have access to the most trusted data in the industry underpinned by Lukka's institutional-quality standards, such as AICPA SOC Controls. In a rapidly maturing industry, it is paramount to build to institutional standards when working with highly respected brands, such as S&P DJI. Lukka is thrilled to help drive ongoing innovation in collaboration with S&P DJI," said Robert Materazzi, CEO of Lukka.
Joined hands together again
S&P DJI indices is a trusted name in tracking market performance, evaluating portfolios and developing strategies to help investors globally. Whereas Lukka provides middle and back office software and data solutions. In 2014 it created the first crypto tax calculator . Lukka’s customers include exchanges, miners, accounting first, financial auditors and fund administrators. The two have experience of past collaborations. S&P DJI already utilizes a variety of Lukka’s data services including Lukka Reference Data and Lukka Prime
Both parties hope to see crypto achieving the status of ‘mainstream investments’ with its launch in 2021. The collaboration resulted in making S&P DJI indices the latest major finance company to enter into the digital asset industry. The company will use data from Lukka and measure the performance of over 550 top traded cryptocurrencies by market cap.
Mainstream adoption of crypto
The adoption of blockchain and cryptocurrency is increasing. Realizing its potential, top companies are marking their entry into the crypto space. JP Morgan has become the first US bank to introduce its own cryptocurrency called JPM Coin for its customers. Recently, PayPal Holdings Inc. announced to allow users to buy, hold and sell cryptocurrency from their PayPal account enabling users to shop within its network of 26 million retailers.
- A report on cryptocurrency exchanges by The State of New York
- ‘Crypto-Currency Act of 2020’: a bill to regulate cryptocurrency in the United States
- PayPal brings cryptocurrency to mainstream users
- JP Morgan introduces JPM Coin for payments
- JPM Coin, a cryptocurrency by JP Morgan & Chase is LIVE!
- JP Morgan Looks to Crypto’s Future with Optimism
- Visa launches B2B test transaction for cross-border payments via blockchain
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