U.S. derivatives market giant, CME Group, is expanding its portfolio of crypto benchmarks to include a couple of additional digital assets.
The company plans to launch new reference rates and real-time indices for Ripple XRP (XRP) and Internet Computer (ICP). The new pricing mechanisms, which are not tradable futures, will be calculated and published daily by CF Benchmarks, starting July 29, it said.
The new reference rates will provide a price in U.S. dollars once-a-day at 4 p.m. GMT. The real-time indices will be published once per second, all day, every day.
“These new benchmarks are designed to provide clear and transparent pricing data to a broad range of market participants, allowing them to more accurately value portfolios or create structured products,” said Giovanni Vicioso, head of cryptocurrency products at CME Group, in a release.
The new benchmarks will utilize pricing data from at least two of the crypto trading platforms: Bitstamp, Coinbase, Gemini, itBit, Kraken and LMAX Digital.
“With 24 cryptocurrencies in our suite of CME CF References Rates and Real-Time Indices, we will provide pricing data across more than 93% of the investible cryptocurrency market capitalization, helping clients everywhere to better manage their risk,” Vicioso added.