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Galaxy Digital Launches DeFi Index In Collaboration With Bloomberg

In a recent announcement, Bloomberg mentioned it would launch an index presently tracking 9 different decentralized finance projects with Galaxy Digital. As of 1st August, these DeFi projects included Uniswap, Aave, Maker, Compound, Yearn.Finance, Synthetic, SushiSwap, 0x protocol, and Uma.

Alan Campbell, Bloomberg’s multi-asset index business’ head of product management, mentioned,

“Decentralized finance is growing as the next major investment theme within crypto.”

He added,

“As liquidity and institutional custody solutions continue to grow, DeFi has become an increasingly compelling option for institutional investors.”

The announcement comes 3 years after Bloomberg and Galaxy Digital first partnered to produce a joint digital asset benchmark index. At the time of its launch in the month of May 2018, the index tracked 10 digital assets from the “largest, most liquid portion” of the market. This included Bitcoin and Ethereum.

It is to be noted that Bloomberg and Galaxy Digital’s new DeFi index follows the formation of a DeFi Cryptocurrency Index Fund operated by fund manager Bitwise in the month of February. Though Bitwise reported returns of over forty six percent over the last month, the fund has a net asset value of around eight percent less since its commencement.

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