CME Group Adds 11 New Crypto Reference Rates

CME Group is adding 11 more cryptocurrencies to the firm's existing bitcoin and ethereum reference rates. Crypto reference rates like the CME CF Reference Rates are often used as a benchmark for exchange-traded funds (ETFs) and other financial products.

The new rates cover polygon, solana, stellar, algorand, bitcoin cash, cardano, chainlink, uniswap, cosmos, litecoin, and polkadot values. Pricing data for the benchmarks will be provided by Bitstamp, Coinbase, Gemini, Itbit, Kraken, and LMAX. Each coin will leverage two exchanges, CME Group's announcement discloses.

"As the digital asset market continues to expand, there is an increasing demand for reliable, standardized cryptocurrency pricing information based on robust, regulated reference rates," Tim McCourt, CME Group's global head of equity and FX products said in a statement.

The new reference rates for the 11 crypto assets can be used as benchmarks for bundled and diversified funds, ETPs, and derivatives markets. Elliot Johnson the chief investment officer at Evolve ETFs explained on April 7, that the company already uses CME CF Reference Rates for its crypto exchange-traded funds.

CME Group's new reference rates follow the launch of Micro Bitcoin (MBT) and Micro Ether futures (MET). MBT and MET contracts are sized at one-tenth of their respective underlying tokens in size. CME Group and CF Benchmarks plan to launch the 11 new crypto reference rates on April 25.

Source: Bitcoin.com