Gemini Set To Be Added To CME Group’s Crypto Benchmarks to Its Crypto Exchange Data
Market data and information from the Newyork-based Gemini crypto exchange will be included in eight crypto indices provided by the Chicago Mercantile Exchange (CME Group) crypto reference rates.
In a medium post, Gemini’s managing director in charge of operations, Jeanine Hightower-Sellitto, revealed that the company was excited to announce that we will be joining the CME CF Bitcoin Reference Rate (BRR), CME CF Bitcoin Real Time Index (BRTI), and six other cryptocurrency indices provided by CF Benchmarks.
As a constituent of the BRR, Gemini’s market data will be used to help price the CME Group’s Bitcoin Futures contract.
“This ensures the reference rates remain the most accurate and liquid representation of the underlying market for Bitcoin-USD transactions.”
Gemini will join other established crypto exchanges as a data source which comprise of Bitstamp, Coinbase, itBit and Kraken. The addition is set to enhance the quality of market data for the different indices.
Speaking of Gemini’s addition, Tim McCourt, managing director and global head of equity products and alternative investments at CME Group, said that his company was excited to add Gemini’s data for its Bitcoin and Ether reference rates and real time indices.
The official said that the addition of Gemini will help in capturing a wider market participation and enhance the company’s robustness of its pricing indices. He said:
“At a time when customers are increasingly using our bitcoin futures to trade and manage underlying spot market price risk, Gemini will help enhance our stoutness when it comes to pricing our indices.”
According to Hightower-Sellitto, Gemini’s data will go live on the indices from August 30. CoinDesk reports that CF Benchmarks was bought off by Kraken in February for a fee believed to be around $100 million.