CF Benchmarks has introduced new reference rates for XRP and Internet Computer (ICP), a move that has earned praise from Ripple CEO Brad Garlinghouse. Ripple Labs Inc., a blockchain payments firm, has acknowledged the significance of CF Benchmarks' XRP Index product.
CME Group Introduces XRP Reference Rates
On Wednesday, the Chicago Mercantile Exchange (CME) announced the launch of new reference rates and real-time indices for Ripple’s XRP and Internet Computer (ICP). These new benchmarks aim to provide transparent pricing data to help market participants accurately value their portfolios. The official launch of these reference rates and indices is scheduled for July 29, sparking speculation about a potential XRP ETF launch.
Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products, remarked, “With 24 cryptocurrencies in our suite of CME CF References Rates and Real-Time Indices, we will provide pricing data across more than 93% of the investible cryptocurrency market capitalization.”
In response, Ripple CEO Brad Garlinghouse noted that this development marks a significant step towards institutional crypto products. He commended both CME Group and CF Benchmarks for their efforts in introducing the XRP Index, adding, "the market has spoken."
Increasing Potential for an XRP ETF
The new benchmarks for XRP and ICP will use pricing data from leading crypto exchanges such as Bitstamp, Coinbase, and Kraken. This ensures that market participants have easy access to accurate and reliable data. The daily reference rates will reflect the United States dollar price of each asset, published at 4 p.m. London time, while the real-time indices will be updated every second.
CF Benchmarks has played a crucial role in the expansion of the asset class. Sui Chung, CEO of CF Benchmarks, expressed enthusiasm about the announcement, noting increased client activity toward a diversified range of cryptocurrencies.
The prospect of an XRP ETF has been a topic of ongoing discussion. Senior Bloomberg ETF analyst James Seyffart previously highlighted that the success of an ETF for Ripple’s native crypto largely depends on its presence in a major derivative exchange like CME. This recent development is a significant milestone for XRP in terms of a potential ETF.
Even Ripple President Monica Long has shown strong support for an XRP ETF, reinforcing the growing optimism within the community.
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