NEW YORK, Aug. 19, 2021 /PRNewswire/ -- Bloomberg,
along with Galaxy Digital, today announced the expansion of its
crypto offering with the launch of the Bloomberg Galaxy DeFi Index
(ticker: DEFI). Alongside the index launch, Galaxy Digital's funds
platform, Galaxy Fund Management, is now offering the Galaxy DeFi
Index Fund, a passively managed fund tracking the performance of
DEFI.
The benchmark is designed to measure the performance of the
largest decentralized finance (DeFi) protocols by market value that
offer financial services without a central financial intermediary,
such as brokerages, exchanges, or banks. DeFi is an emergent sector
of digital assets that replicate financial functions such as
borrowing, lending, and exchanging assets. The benchmark is owned
and administered by Bloomberg Index Services Limited and is
co-branded with Galaxy.
"Decentralized finance is growing as the next major investment
theme within crypto," said Alan
Campbell, Head of Product Management for Bloomberg's
Multi-Asset Index business. "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."
"Galaxy continues to pioneer inroads for institutions seeking
exposure to the innovation happening within the crypto ecosystem,"
said Steve Kurz, Partner and Head of
Asset Management at Galaxy Digital. "The blockchain-based
infrastructure behind DeFi is maturing at an accelerating rate and
clear examples of how this new technology can disrupt financial
services are emerging in real-time. This partnership with Bloomberg
and our DeFi Index Fund provides investors with data and tools that
deliver calculated exposure to the future of financial
services."
The constituents represented in DEFI are selected based on
institutional trading and custody readiness in the US, as well as
quality of pricing. Each constituent will represent a hold of no
more than 40% of the Index and no less than 1% of the benchmark's
overall value. DeFi protocols will be considered for addition or
removal to or from the Index on a monthly basis.
As of August 1, 2021, the Index
consisted of the following assets and weightings:
- UNI Uniswap 40.0%
- AAVE AAVE 18.0%
- MKR Maker 12.7%
- COMP Compound 10.0%
- YFI Yearn.Finance 5.4%
- SNX Synthetix 5.0%
- SUSHI SushiSwap 4.3%
- ZXR 0x 2.8%
- UMA UMA 1.8%
Bloomberg provides an independent, transparent approach to
indexing for customers across the globe, including customized
crypto index solutions for asset managers. For more information,
visit Bloomberg Indices.
Bloomberg clients can access the index using the ticker DEFI Index
<Go>.
About Bloomberg
Bloomberg, the global business and
financial information and news leader, gives influential decision
makers a critical edge by connecting them to a dynamic network of
information, people and ideas. The company's strength – delivering
data, news and analytics through innovative technology, quickly and
accurately – is at the core of the Bloomberg Terminal. Bloomberg's
enterprise solutions build on the company's core strength:
leveraging technology to allow customers to access, integrate,
distribute and manage data and information across organizations
more efficiently and effectively. For more information, visit
Bloomberg.com/company or request a demo.
Bloomberg provides an independent, transparent approach to
indexing for customers across the globe. For more information,
please visit this link.
About Galaxy Digital
Galaxy Digital (TSX: GLXY) is a
diversified financial services and investment management company
dedicated to the digital asset and blockchain technology sectors.
Galaxy Digital's team has extensive experience spanning investing,
portfolio management, capital markets, venture capital, asset
management, and blockchain technology. Galaxy Digital operates in
five synergistic business lines: Trading, Asset Management,
Principal Investments, Investment Banking, and Mining. Galaxy Fund
Management is the digital asset funds brand of the Asset Management
business. Galaxy Digital's CEO and Founder is Mike Novogratz. The Company is headquartered in
New York City, with offices in
Chicago, San Francisco, London, Amsterdam, Tokyo, Hong
Kong, the Cayman Islands
(registered office), and New Jersey.
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SOURCE Bloomberg