South&P Dow Jones Indices — a joint venture between South&P Global, the CME Group and News Corp — will debut cryptocurrency indexes in 2021, it has confirmed.

In a printing release on Thursday, S&P DJI describes Bitcoin (BTC) and altcoins as an "emerging asset class."

Bitcoin and altcoins hit Wall Street finance

The firm volition partner with Lukka, a U.S. blockchain information provider, to launch the indexes, which volition cover a reported 550 cryptocurrencies.

"With digital assets such as cryptocurrencies becoming a chop-chop emerging asset form, the time is right for independent, reliable and convenient benchmarks," Peter Roffman, global head of innovation and strategy at Due south&P DJI, state in the printing 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 motion marks the latest commitment from Wall Street to embrace Bitcoin and other digital currencies, underscoring interest from the institutional sphere.

"Our collaboration with Southward&P DJI is yet some other milestone that bridges the gap between the crypto asset ecosystem and traditional fiscal services," Robert Materazzi, CEO of Lukka, added.

"In a rapidly maturing industry, information technology is paramount to build to institutional standards when working with highly respected brands, such as S&P DJI. Lukka is thrilled to help bulldoze ongoing innovation in collaboration with S&P DJI."

The release did non country which specific cryptocurrencies will be covered or the methodology behind their selection if it is not based on market capitalization.

The move comes as Bitcoin sets new all-time highs on various exchanges and challenges resistance at $twenty,000.