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CME Group is launching an ether reference rate and a continuous ether-dollar index in partnership with UK-based digital resource trading service Crypto Facilities.
The administrator noted Monday that it would give “a daily benchmark price in U.S. dollars” at regular intervals, and additionally the constant cost “in view of exchanges and request book activity” from cryptocurrency trades Kraken and Bitstamp, as indicated by an official statement. The rates are as of now accessible online on both the CME Group and Crypto Facilities sites and will be given to the CME Group Market Data Platform beginning June 4.
“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.” told by CME Group managing director and global head of equity products and alternative investments Tim McCourt in a statement
Likewise, Timo Schlaefer 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.”
The new files will be managed by the Bitcoin Oversight Committee formed by CME Group, Crypto Facilities, and other industry members, as indicated by the release. This “oversight committee will regularly review the methodology, practices and standards to protect the integrity of the reference rates.”
The launch of these two Ethereum lists could show that CME Group is anticipating propelling new futures items around other cryptocurrencies.
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