(Source: https://blockmanity.com/michael-novogratz-partners-with-bloomberg-to-start-a-cryptocurrency-index/)
Mike Novogratz has partnered with Bloomberg to launch a crypto Index. Galaxy Digital which is headed by Novogratz is launching this Fund with constituents in the Top 10 by Market capitalization. Ethereum and Bitcoin have equal weightage of 30% each, while Ripple will have a weightage of 14%.
An Index is essential because it acts like a benchmark for the asset management industry. With the launch of an index in the cryptocurrency space, it is going to benefit immensely. Institutional investors are going to absolutely welcome a move like this. As Novogratz mentioned on his Twitter page "The herd is coming" , he referred to the barrage of institutional money that will pour in once a benchmark Index is created.