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CME Group Includes XRP Reference Rate In its US Derivatives Marketplace

July 14, 2024
in Technology
CME Group Includes XRP Reference Rate In its US Derivatives Marketplace
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CME Group, a leading global derivatives marketplace, is extending its derivatives marketplace in the US by adding XRP, the seventh-largest crypto asset. The group disclosed its plans to include the XRP reference rate in its suit of derivatives crypto products.

The move will offer transparent pricing details for XRP and further enhance its market appeal to investors.

CME Group And CF Benchmarks Add Ripple’s Native Token

CME took to its official X account to announce the addition of Ripple’s native currency to its derivatives products.

According to the announcement, the company integrated USD reference rates and real-time indices for XRP and Internet Computer (ICP). These indices will go live on the CME platform from July 29, 2024.

Once the firm launches the products, its derivatives marketplace will provide transparent and standardized pricing information for XRP and ICP.

This latest integration adds to CME’s wide existing suits of crypto benchmarks in the derivatives market.

Further, the new indices will launch as XRPUSD_RR and ICPUSD_RR for the XRP-Dollar Reference Rate and Internet Computer-Dollar Reference Rate, respectively. 

The indices will provide daily settlement rates and real-time prices for both cryptocurrencies. Moreover, they will reflect all adjustments per second to highlight the current market conditions for traders.

The newly added reference rates will operate similarly to existing CME CF Benchmarks reference rates and real-time indices. They will use pricing data from leading crypto exchanges and trading platforms affiliated with the CME derivatives marketplace. 

The calculation system centers on transparency and real-time accuracy. This approach always ensures that reference rates reflect the spot market conditions of the underlying assets.

The marketplace usually publishes the reference rates daily between 3:00 PM and 4:00 PM London time. On the other hand, the real-time indices update throughout the day, weekends inclusive.

XRP CEO And Community React To The New Development

CME’s latest announcement has stirred some exciting reactions from the community. Ripple CEO Brad Garlinghouse reacted to the new development, tagging it a momentous feat for XRP. He noted that a trusted benchmark reference rate for crypto assets is a significant step.

Also, the CEO appreciates the partnership between CME Group and CF Benchmark and their decision to choose XRP.

Garlinghouse stated: “First step towards institutional crypto products is to have a trusted benchmark reference rate. Nice to see CME Group and CF Benchmarks collaborate on this for an XRP index. The market has spoken.”

Many members of the XRP community have reflected optimism with CME’s move. Some even believed the move would mark the beginning of a bigger achievement for XRP. Others think a spot exchange-traded product for XRP will emerge soon following this development.

With CME’s addition of XRP to its benchmarks, the asset has joined existing cryptocurrencies in CME’s derivatives marketplace. The company has tracked the Bitcoin index on its platform for over eight years and the Ethereum Index for six years. 

Other crypto assets in its list of derivatives products include Solana (SOL), Litecoin (LTC), Stellar (XLM), Polygon (MATIC), etc.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

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