Bloomberg To Launch New Decentralized Finance Index For Insitutions

The crypto market looks good today, with most of the important coins trading in the green. There have been a lot of bullish moves going on in the crypto space, and they continue.

Bloomberg, the global business and financial news giant, expands its coverage of the crypto markets with new decentralized finance (DeFi) index.

New DeFi index

It’s been just revealed that in a new press release, Bloomberg says the company is teaming up with digital asset manager Galaxy Digital to launch Bloomberg Galaxy DeFi Index.

This will be using the ticker symbol “DEFI.” The statement adds that the DeFi benchmark is “owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy.”

Alan Campbell, who is the head of product management for Bloomberg’s multi-asset index business, says that DeFi is growing as the next big trend in crypto investments.

“As liquidity and institutional custody solutions continue to grow, DeFi has become an increasingly compelling option for institutional investors, and we’ll continue working with Galaxy to expand our crypto index offering.”

The statement continues and reveals that this index will track the performance of the largest DeFi protocols by market value that offer financial services lacking central intermediaries.

As of August 1st, the index includes 9 DeFi assets with the following weightings:

Uniswap (UNI) – 40.0%
Aave (AAVE) – 18.0%
Maker (MKR) – 12.7%
Compound (COMP) – 10.0%
Yearn.Finance (YFI) – 5.4%
Synthetix (SNX) – 5.0%
SushiSwap (SUSHI) – 4.3%
0x (ZRX) – 2.8%
UMA (UMA) – 1.8%

We suggest that you check out the complete statement in order to learn all the details available about the subject.

Regarding the crypto space and BTC’s moves, the other day, we revealed that Jurrien Timmer, global macro director at financial giant Fidelity, says Bitcoin (BTC) is just about to resume its uptrend.

In a new tweetstorm, he said that BTC is “no longer a sideshow” as the king crypto’s market cap inches closer to previous highs.

Stay tuned for more news.

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