CME Group and CF Benchmarks to Launch New Cryptocurrency Reference Rates and Indices for Ripple XRP and Internet Computer (ICP)

CME Group and CF Benchmarks to Launch New Cryptocurrency Reference Rates for Ripple XRP and Internet Computer

In an exciting development for the cryptocurrency market, CME Group and CF Benchmarks have announced their plans to launch two new cryptocurrency reference rates and real-time indices for Ripple XRP and Internet Computer (ICP). These new benchmarks, set to be calculated and published daily by CF Benchmarks starting July 29, aim to provide clear and transparent pricing data to a broad range of market participants.

Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products, expressed the importance of these new benchmarks in helping market participants accurately value portfolios or create structured products. With a total of 24 cryptocurrencies included in the CME CF References Rates and Real-Time Indices, covering more than 93% of the investible cryptocurrency market capitalization, clients will have access to comprehensive pricing data to better manage their risk.

The new benchmarks will utilize pricing data from leading crypto exchanges and trading platforms, including Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital. Each benchmark will be calculated with pricing data from a minimum of two of these exchanges, ensuring accuracy and reliability in the pricing information provided.

Sui Chung, CEO of CF Benchmarks, highlighted the importance of supporting the expansion and maturation of the cryptocurrency asset class. The new reference rates and indices will be administered to the same high standards as the existing benchmarks in the CME CF Single Asset Series, giving clients confidence as they engage with these new assets.

The new reference rates will provide the U.S. dollar price of each digital asset, published once-a-day at 4 p.m. London time. Additionally, the real-time indices will be published once per second, 24 hours a day, 365 days per year, providing up-to-date pricing information for market participants.

Overall, the launch of these new cryptocurrency reference rates and real-time indices for Ripple XRP and Internet Computer marks a significant step in providing market participants with the tools they need to navigate and engage with the evolving cryptocurrency market.