The largest Japanese consulting firm Nomura Research Institute (NRI) has recently partnered with cryptocurrency investment solution provider intelligence Unit (IU) and is now ready to launch a tradable cryptocurrency index.

In a press released published on Jan 29, the firm will name the news index NRI/IU Cryptocurrency Asset Index and it will be meant for use by financial institutions. The indexes will also draw data from crypto index platforms like MVIS and major cryptocurrency data platform Crypto Compare.

In addition, the index is meant to cover global crypto markets in U.S dollars and Japanese Yen by tracking the largest cryptocurrencies. The index has been designed for Japanese institutional investors while keeping in mind for local availability and custody solutions.

An index to track up to five top cryptos

The NRI/IU Crypto-Asset Index is designed to track the performance of a pre-defined basket of crypto assets and will be rebalanced monthly. It is a tradable index which is going to trade in dollars and yen on NRI’s platforms. The index includes Bitcoin (BTC), Bitcoin ash (BCH), Ether (ETH), Litecoin (LTC) and XRP.

On its launch event, the CEO of IU Akihiro Niimi commented that, “Strong demand from institutional investors is contributing to the growth of crypto-asset funds, and well-diversified products like index funds are attractive as alternative investments”.

Cryptocurrencies become even more recognized as an asset class

An increasing number of firms are creating derivatives giving exposure to their price fluctuations as cryptocurrencies become widely recognized as an asset class. According to Cointelegraph report last week, Swiss cryptocurrency financial firm Amun AG launched an exchange-traded product giving investors exposure to Bitcoin on leading Swiss Exchange SIX.

However, no matter how much demand and recognition cryptocurrencies has gained in recent times, the statistics and date clearly are not in favours. A little more than a month after the launch, Cointelegraph reported that Bitcoin contracts on the Intercontinental Exchange’s digital asset platform Bakkt appear to have seen sluggish uptake, with no new trades occurring over the past 11 days.