CME Group and CF Benchmarks will debut real-time indices for ICP and XRP.
The indices and reference rates will debut on July 29.
Reference rates will be published once-a-day at 4 p.m. London time.
CME Group, the world’s leading derivatives marketplace, and CF Benchmarks, a leading provider of cryptocurrency benchmark indices, are bolstering the institutional adoption of cryptocurrencies with the launch of new reference rates and real-time indices for Ripple’s XRP and Internet Computer (ICP).
These benchmarks, set to go live on July 29, will be calculated and published on a daily basis by CF Benchmarks. While not tradable as futures contracts, these benchmarks are designed to enhance price transparency and discovery for cryptocurrencies.
Starting July 29, benefit from transparent pricing on two new cryptocurrencies as CME CF Internet Computer-Dollar and XRP-Dollar Reference Rates and Real-Time Indices are added to our expanding suite of benchmarks. https://t.co/1kn5BPZi4C pic.twitter.com/jqcJPInSt9
— CME Group (@CMEGroup) July 11, 2024
Brad Garlinghouse, the chief executive of American fintech firm Ripple, took to social media platform X to express his excitement over the XRP benchmark. The crypto entrepreneur said that the “market has spoken” as the popularity of the XRP cryptocurrency remains on the rise, adding:
“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.”
These new crypto benchmarks will utilize the pricing data from at least two of these leading crypto trading platforms: Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital. Moreover, the reference rates will provide the USD price of each underlying cryptocurrency which will be published once-a-day at 4 p.m. London time. An oversight committee, comprising CME Group, CF Benchmarks, and industry experts, will oversee these benchmarks to ensure their integrity and accuracy.
On the other hand, the announcement also confirmed that each respective real-time index will be “published once per second, 24 hours a day, 365 days per year.” The price of XRP is up almost 3% in the last 24 hours and the altcoin is trading at $0.4559.
As per CoinMarketCap data, XRP saw a 25.23% surge in trading volume, which stands at $1.15 billion, while the digital asset’s market cap stands at $25.44 billion, making it the seventh-largest cryptocurrency. According to previous reports, analysts have predicted a bearish breakdown for the XRP token in the near future.
Meanwhile, ICP trading at $7.43 USD, has experienced a 3.19% rise in the last 24 hours, with a trading volume of $63.4 million. The digital asset’s market cap currently stands at $3.46 billion, making it the 25th-largest cryptocurrency.
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