S&P will make available crypto indices for the coins with the largest institutional following

S&P Dow Jones Indices LLC on Tuesday announced the launch of three new crypto indices, but more cryptocurrencies are planned.

S&P will make available crypto indices for the coins with the largest institutional following

The world-renowned S&P Dow Jones Indices caused quite a stir when it announced the introduction of three new crypto indices.

S&P Dow Jones Indices LLC, a joint venture between S&P Global, the CME Group, and News Corp. has decided that the first of these will be the S&P Bitcoin Index, S&P Ethereum Index, and S&P Cryptocurrency MegaCap Index, but according to Petr Roffman, there will be more in the future.

Peter Roffman is the Global Head of Strategy and Innovation at S&P Dow Jones Indices and revealed more details to The Block.

In the interview, Peter first assured everyone that "This is the first step," but then revealed that "We are going to launch a broader set of indices,".

As for the requirements for those cryptocurrencies for which the company wants to introduce indices, Peter explained why they chose BTC and ETH as the company first, and therefore that they wanted to start with "most liquid and recognized assets."

Looking further into the future, S&P is clear about what coins they are interested in, which Peter confirmed with the following statement "We want to pick the coins that have the largest institutional following,".

Peter Roffman also marginally argued that it can be banks that could use these indices and subsequently create various structured products for their clients. Banks could thus offer their clients exposure to BTC and ETH, Peter adds.

Recall just a recent statement from the New York-based commercial bank that supports this scenario and wants to cover its cash loans with Bitcoins. Signature Bank is currently the second bank after the California-based Silvergate bank to bet on cryptocurrencies.

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