CME Group Launches Ethereum Index For Price and Reference Rate
The CME Group will be providing real time Ethereum price listing which will be officially called the ‘Ether-Dollar Reference Rate.’ The information will start to be featured at the CME Group Market Data Platform on June the 4th, 2018. The CME Group will be working with Crypto Facilities, a crypto trading platform that is based in London.
CME Group Launches Ethereum Indexes
In the middle of a discussion about whether Ethereum should be considered a security or not, the CEM Group will be releasing a price index for the second most important virtual currency in the market Ether (ETH).
Tim McCourt of the CME Group, said:
“The Ether Reference Rate and Real Time Index, are designed to meet the evolving needs of this marketplace. Providing price transparency and a credible price reference source is a key development for users of Ethereum.”
The price will be calculated by the Crypto Facilities platform based on data from Kraken and Bitstamp, two of the most important cryptocurrencies in the market, the first one located in the United States and the second one in Luxembourg.
Back in 2017, the Chicago Mercantile Exchange decided to offer its clients bitcoin futures contracts. The CME Group operates and owns financial derivatives exchanges in Chicago and New York and it has a market capitalization of $54.6 billion dollars.
Timo Schalaefer, CEO of Crypto Facilities, said:
“Ether, the second largest cryptocurrency, experienced incredible adoption and growth in 2017, evolving into the leading blockchain for smart contracts. We are excited to be contributing to the strong community that has developed around the Ethereum network by providing a reliable reference rate and real-time Ether-Dollar price.”
Crypto Facilities provides cryptocurrency price information to important financial institutions from all over the world. Moreover, it also offers a platforms for its customers to trade virtual currency futures with up to 50:1 leverage.