The organization will associate with Lukka, a U.S. blockchain data provider, to introduce the indexes, which will encompass a reported 550 cryptocurrencies.
"With digital assets such as cryptocurrencies becoming a developing asset class, the moment is right for autonomous, decisive and user-friendly benchmarks,” Peter Roffman, Global Head of Innovation and Strategy at S&P DJI, stated in the press release.
“We're excited to work with Lukka, who has been at the forefront of digital asset data services, to promote more transparency in this nascent sector.”
The shift marks the latest pledge from Wall St. to embrace Bitcoin and other digital currencies, indicating interest from the institutional realm.
“Our collaboration with S&P DJI is ultimately another milestone that bridges the gap between the crypto asset ecosystem and traditional financial services," Robert Materazzi, CEO of Lukka, added.
“In a rapidly maturing industry, it is paramount to build to institutional standards when working with highly respected brands, such as S&P DJI. Lukka is thrilled to help drive ongoing innovation in collaboration with S&P DJI.”
The announcement did not state which specific cryptocurrencies will be involved or the procedure behind their selection if this is not based on market cap.
The shift comes as Bitcoin sets new all-time highs on various exchanges and challenges resistance at $20,000.