Professor Dan Galai, the creator of the VIX index, joins the Crypto Volatility Index’s board of advisors

2 min readMay 13, 2021


We are both humbled and excited to announce that Professor Dan Galai will join COTI’s research team in our quest to build the Crypto Volatility Index (CVI) as a market standard.

Dan Galai has a PHD in finance and banking, and is the former Dean of the Business Management School of the Hebrew University of Jerusalem.

He is a world-renowned expert in risk management, financial engineering, and derivatives. In 1987, he and Menachem Brenner devised and developed the VIX Index, commonly referred to as the “Market Fear Index” gauge. In a series of papers beginning in 1989, Brenner and Galai proposed the creation of a series of volatility indices, beginning with an index on stock market volatility, and moving to interest rate and foreign exchange rate volatility.

In 1993, the Chicago Board Options Exchange held a press conference to announce the launch of real-time reporting of the CBOE Market Volatility Index or VIX. In 2003, The CBOE introduced a new methodology for the VIX. Working with Goldman Sachs, the CBOE developed further computational methodologies and changed the underlying index into the CBOE S&P 500 Index (SPX). In 2004, the first-ever trading in futures on the VIX Index began and VIX was now proposed on different trading platforms.

Professor Galai has been working with our team for a few weeks now. He already had the occasion to review the CVI Whitepaper and is now actively helping our research team, bringing his incredible wealth of knowledge and experience along with him.

“As an advisor to the Crypto Volatility Index project, I’m looking forward to helping design advanced risk management tools for investors in this new, and often wild asset class,” said Prof. Galai. “I am confident the CVI team has the knowledge and capability to put theory into practice and build a truly useful product in the cryptocurrency space.”

We are very excited and thankful to have Professor Galai on our team, whose expertise will guide us through our continuous analysis and into successful improvements to CVI. We feel that having the original creator of the VIX come on board the CVI train is a clear sign that we are on the right track and we’re excited to continue and develop the CVI and the $GOVI token.

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CVI is a decentralized volatility index for the crypto space — powered by COTI network