US investment firm Galaxy Digital and Business news website Bloomberg have partnered to launch a DeFi index named ‘Bloomberg Galaxy DeFi Index’, Bloomberg announced on Thursday.
As of yet, The DeFi index tracked nine different decentralized finance projects which include Uniswap (UNI), Aave (AAVE), Maker (MKR), Compound (COMP), Yearn.Finance (YFI), Synthetic (SNX), SushiSwap (SUSHI), 0x (ZXR), and Uma (UMA). Alongside the assets, the report included their weightings in the market.
Alan Campbell, Head of Product Management for Bloomberg’s Multi-Asset Index business said in the statement issued:
“Decentralized finance is growing as the next major investment theme within crypto. 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.”
Apart from the index, Galaxy Digital’s funds platform, Galaxy Fund Management, has launched Galaxy DeFi Index Fund, a passively managed fund that will track the performance of DeFi.
This was not the first time the two firms collaborated. In 2018, Bloomberg and Galaxy Digital partnered to launch a joint crypto benchmark index that tracked the performance of the largest digital assets traded in USD.
In addition to Galaxy Digital, US cryptocurrency investment company Bitwise recently launched its DeFi Crypto Index Fund in February.