Bloomberg along with Galaxy Digital Capital Management LP, which was founded by Michael Novogratz, have come together to launch what’s being called the Bloomberg Galaxy Crypto Index (BGCI). This annoucement came by way of a press release on May 9, 2018.
According to Bloomberg, the purpose of the index will be “to track the performance of the largest, most liquid portion of the cryptocurrency market.”
Bloomberg says that BCGI, being market capitalization weighted, would measure the performance of ten USD-traded cryptocurrencies for its inception, which are Bitcoin Cash, EOS, Litecoin, Dash, Monero, Ethereum Classic and ZCash.
As its newest member, BGCI is said to offer the first institutional grade benchmark for the cryptocurrency market.
Michael Novogratz, founder of Galaxy Digital Capital Management LP, steered the company to become one of the world’s leading digital assets firms. Before Galaxy he began his career with Goldman Sachs working as a short-term money market salesman, and then worked his way up to be elected as a partner. Later he joined with Fortress Investments with five others to take the company through its 2007 IPO.
Novogratz is said to be one of the richest people in cryptocurrencies today.