It is collaborating with U.K.-based cryptocurrency market data provider CryptoCompare on the new indices, which mark SGX Index Edge’s entry into the digital currency asset class.
Singapore Exchange (SGX) is broadening the range of iEdge indices that are available to its customers with the introduction of the iEdge Bitcoin Index and iEdge Ethereum Index, the bourse announced on Tuesday.
«As the world moves swiftly towards digitalization in the creation and accumulation of wealth, digital assets are increasingly being adopted by investors,» Simon Karaban, SGX head of Index Services, said in the announcement said.
The total assets under management (AUM) globally of digital asset tracker funds rose from $220 million in March 2017 to over $4.5 billion in June 2020, representing a compound annual growth rate of 148%, according to CryptoCompare.
The announcement noted that most of the AUM is currently captured by asset managers based in the United States and the Europe, Middle East, and Africa (EMEA) region, but that «Asia is well-positioned to raise its share of this global AUM,» as Asian fiat-crypto trading pairs now account for 43 percent of total global spot volumes