Mike Novogratz Partners with Bloomberg on Crypto Index

Former Goldman Sachs trader and bitcoin enthusiast Mike Novogratz has teamed up with Bloomberg to launch the Bloomberg Galaxy Crypto Index; the index is made up of the 10 most liquid cryptocurrencies with bitcoin and ether making up 30 percent, followed by Ripple at 14 percent; Novogratz tells Business Insider, “You’re starting to see more institutional participation, and what they’re looking for is this architecture — here’s an index that will feel like the S&P 500 in a few months, that people can benchmark themselves against.” Source.