CoinDesk taps Luno for crypto service

CoinDesk Indices, a subsidiary of CoinDesk, and crypto exchange Luno have collaborated to create the “Luno Large Cap Bundle” to provide South African customers access to crypto investment bundles, enabling them to manage and maintain successful investment strategies more efficiently. The bundle, which is available solely to South African users, will follow CoinDesk Indices Large Cap Select Index (DLCS), including the top five to ten cryptocurrencies based on value. The bundle will not include meme coins, as CoinDesk’s rigorous eligibility criteria must be met.

CoinDesk Indices President Alan Campbell stated in a press release, “Investing by tracking indices is worth considering as it gives investors exposure to crypto beyond bitcoin with confidence that altcoins meet our quality standards intended for investability.” Currently, about 70% of global crypto product assets under management follow CoinDesk Indices indices. Digital Currency Group owns both CoinDesk and Luno.

The bundle will be updated automatically by Luno to track CoinDesk’s indices, keeping users’ portfolios up-to-date. The bundle will be rebalanced every three months by Luno to align with CoinDesk Indices’ index rebalancing. Luno South Africa Country Manager Christo de Wit said, “Our customers have been looking for an easy way to invest in crypto for the long term that removes some of the guesswork and effort needed to stay up-to-date with every market movement. The Luno Large Cap bundle is an easy and secure way to do this.”

Users will have access to the bundle via Luno’s mobile app or website. CoinDesk Indices recently introduced the Bitcoin Trend Indicator (BTI), an online tool to assist investors in predicting the direction of bitcoin’s (BTC) price.