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Bloomberg partners with Galaxy Digital to launch a DeFi Index.

Galaxy Digital, the US-based financial services investment management company, and Bloomberg yesterday announced the Bloomber
Galaxy Digital, the US-based financial services investment management company, and Bloomberg yesterday announced the Bloomberg Galaxy DeFi Index launch.

The US-based financial services and investment management company Galaxy Digital and Bloomberg yesterday announced the launch of the Bloomberg Galaxy DeFi Index (ticker: DEFI). According to Bloomberg, the company has expanded its crypto offering to meet the growing demand for decentralized finance products. In an official announcement, Bloomberg revealed that Galaxy Fund Management, Galaxy Digital’s funds platform, is now offering the Galaxy DeFi Index Fund.

DeFi sector saw immense growth in the first half of 2021.

DeFi sector saw immense growth in the first half of the current year. Leading DeFi assets, including UNI, AAVE, MKR, and COMP, have seen substantial gains since the start of 2021. The Bloomberg Galaxy DeFi Index has been designed to track the performance of the largest decentralized finance protocols by market cap. In the press release, Alan Campbell, Head of Product Management for Bloomberg’s Multi-Asset Index business, said that 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, he added.

Uniswap accounts for nearly 40% of the weight of the index.

According to Bloomberg, Uniswap (UNI) accounts for nearly 40% of the weight of the Defi index. AAVE asset accounts for 18%, followed by Maker (MKR) at 12.7%. The index also includes other leading DeFi assets like Compound (COMP), Yearn.Finance (YFI), Synthetix (SNX), SushiSwap (SUSHI), ZXR (0x), and UMA. “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.

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