The company is the first of its kind to join the landmark index. Cryptocurrency skeptics and fans alike say that gives the virtual tender a stamp of legitimacy, but can’t agree if it’s warranted.

The cryptocurrency exchange Coinbase Global will join the benchmark S&P 500 index on May 19, marking an important milestone for the crypto sector. The news isn’t entirely unexpected. Coinbase is one of the largest companies based on market value not currently part of the index.

Coinbase Global Inc., the largest US cryptocurrency exchange, will be added to the S&P 500 Index in the latest milestone for the booming digital-asset industry.