S&P Dow Jones Indices has today announced that it will launch cryptocurrency indices in 2021.

The products branded under the S&P Dow Jones Indices name will reportedly use data from Lukka, a New York-based virtual currency company, on more than 550 of the top traded coins.

This move could conceivably make it easier for investors to access cryptocurrencies as an asset class, which, in turn, might reduce some of the volatility seen in the crypto market today.

Bitcoin
BTC
+0.99%$103,558.43

24H7D1M1YMAX
Created with Highcharts 10.3.3May 1312:00PMMay 1412:00PMMay 1512:00PMMay 1612:00PMMay 1712:00PMMay 1812:00PMMay 1912:00PM12:00…$101000$102000$103000$104000$105000$106000$107000

"With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks," said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.

This news comes just a few days after Bitcoin broke a new all-time high price on November 30, 2020, and follows a wave of mainstream financial names—including PayPal, MicroStrategy and Square—all becoming increasingly involved in the crypto space.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.