As per the latest reports, Galaxy Digital Management and Bloomberg have formed a partnership for the expansion of their services. According to reports, both firms are aiming to expand their services and offerings in the cryptocurrency sector.

The firms have revealed that the reason behind their partnership is to come up with a new system for the tracking of data in the decentralized finance (DeFi) space. Bloomberg is prominently known as a site for financial news.

The announcement in regards to the partnership between the two firms was made on Thursday, August 19, 2021. In the announcement, it was revealed that they will proceed with launching a new application to facilitate the tracking of decentralized projects.

The firm has revealed that Galaxy Digital would have access to the particular decentralized finance platform tracking index. According to Bloomberg, the platform is already providing tracking services to decentralized finance projects. The data shows that as of now, the particular index is responsible for tracking data on nine different projects belonging to the decentralized finance space.

Bloomberg also provided the names of the projects it is tracking through the index. The names of the projects include Uma (UMA), Ox (ZXR), SushiSwap (SUSHI), Synthetic (SNX), Yearn.Finance (YFI), Compound (COMP), Maker (MKR), Aave (AAVE), and Uniswap (UNI).

The head of product management at multi-asset index business for Bloomberg, Alan Campbell, remarked on the decentralized finance industry. Campbell stated that over the course of time, the decentralized finance sector has grown really big. It has become one of the most prominent products offered in the cryptocurrency space.

He stated that initially, the decentralized finance sector was also attractive for individual investors. With time, its network has spread across the crypto-verse and has found its way to the mainstream institutional sector.

Now, more institutional investments are coming towards the decentralized finance sector and it is becoming more convenient for them for its remarkable nature. The decentralized finance sector is constantly introducing custody solutions for institutions as well as for liquidity.

Bloomberg also revealed what parameters were set for the adoption of the decentralized finance assets. The selection of the decentralized finance assets was carried out based on their custody readiness and institutional trading for the United States. Another major factor they kept in mind for the selection of the digital assets was the quality of pricing.

This is not the first time both firms have formed a partnership. Initially, the announcement of both firm’s partnerships was made back in May of 2018. At that time, both firms collaborated for the development and launch of a crypto benchmark index. The particular index they launched was responsible for tracking 10 cryptocurrencies.