The Chicago Mercantile Exchange (CME) unveiled a significant update in the cryptocurrency market on Wednesday. CME has made preparations to launch new reference rates and real-time indices specifically for Ripple’s XRP and Internet Computer (ICP). This move marks a notable expansion within the crypto sphere, reflecting growing institutional interest in these digital assets.

The primary objective behind the introduction of these new benchmarks is to offer transparent pricing data. This will enable market participants to assess the value of their cryptocurrency portfolios with greater accuracy. The official rollout of these reference rates and indices is set for July 29.

XRP ETF Speculation Heats Up

Following this new development, speculation swiftly arose regarding the potential launch of an XRP ETF, similar to the Ethereum and Solana ETFs currently in progress.

CME CF Reference Rates and Real-time Indices Market Coverage

In a statement, Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products, highlighted the significant reach of their new CME CF reference rates and real-time indices. These tools will provide pricing data for a whopping 93% of the investable cryptocurrency market. This comprehensive coverage is achieved by including a massive 24 cryptocurrencies within their suite of offerings.

Ripple CEO Sees Institutional Growth

Responding to the CME’s new steps on reference rates and real-time indices, Ripple CEO Brad Garlinghouse viewed this as a significant first step towards the development of institutional crypto products. Garlinghouse interprets this collaboration between the CME Group and CF Benchmarks as a reflection of the market’s growing acceptance of cryptocurrency.

New XRP and ICP Benchmarks Utilize Top Exchanges

To ensure market participants have easy access to accurate and reliable data at all times, the new benchmarks for XRP and ICP will source data from leading crypto exchanges such as Bitstamp, Coinbase, and Kraken. This ensures transparent pricing reflective of real-world market activity.

Daily Snapshots and Real-Time Updates

The benchmarks cater to both long-term and short-term needs. Daily reference rates, reflecting the United States dollar price of each asset, will be published at 4:00 PM London time, providing a stable snapshot for informed decision-making. For those needing constant monitoring, real-time indices will be updated every second, offering a dynamic view of price fluctuations.

CF Benchmarks Welcomes Expansion

CF Benchmarks, instrumental in expanding the cryptocurrency asset class, expressed enthusiasm through CEO Sui Chung. He cited this collaboration as evidence of clients’ increasing interest in a diversified range of cryptocurrencies, signifying a maturing market.

XRP and the Potential for an ETF

The talks and speculations surrounding a potential XRP ETF continue. Previously, senior Bloomberg ETF analyst James Seyffart highlighted the success of an XRP ETF being largely dependent on its presence on a major derivative exchange like CME. With this latest development, XRP’s position strengthens considerably for a possible future ETF.

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