Financial news site Bloomberg has reportedly formed an alliance with Galaxy Digital Management, to widen the scope of their crypto services, dedicated to tracking the performance of the DeFi sphere. 

Specifically, via an announcement on August 19th, Bloomberg reportedly disclosed details of a rollout of an index with Galaxy Digital, which is handling the tracking of nine different decentralized finance initiatives at the moment. 

As of Aug. 1, the initiatives reportedly consist of Uniswap (UNI), Aave (AAVE), Maker (MKR), Compound (COMP), Yearn.Finance (YFI), Synthetic (SNX), SushiSwap (SUSHI), 0x (ZXR), and Uma (UMA).

“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.” Alan Campbell, Bloomberg’s multi-asset index business head of product management, reportedly remarked. 

Per Bloomberg, the chosen DeFi assets were reportedly finalized  “based on institutional trading and custody readiness” across America, apart from the “quality of pricing”. 

The news outlet reportedly disclosed that no individual initiative would represent under 1% of the index’s overall value, but will not exceed over 40%. 

Galaxy Fund Management – the fund-focused branch of Galaxy Digital – will reportedly also roll out its self-developed passively managed fund tracking the performance of Bloomberg’s, listed under the ticker DEFI.

The update reportedly surfaced three years following Bloomberg and Galaxy Digital’s previous collaboration to develop a joint crypto benchmark index. Since its rollout in May 3 years ago,  the index tracked ten cryptocurrencies from the “largest, most liquid portion” of the market, which included Bitcoin (BTC) and Ether (ETH).