As a seasoned crypto investor, I’ve seen my fair share of market developments and trends. The recent announcement by Ripple Labs and CME Group regarding the introduction of XRP reference rates and real-time indices is undoubtedly an exciting development for me and the broader crypto community.
Ripple Labs Inc., a company specializing in blockchain payments, has acknowledged the potential impact of CF Benchmarks XRP Index.
CME Group Introduces XRP Reference Rates
On Wednesdays announcement, the Chicago Mercantile Exchange (CME) unveiled new benchmark rates and instantaneous indices specifically for Ripple’s XRP and Internet Computer (ICP).
According to its construction, the latest benchmarks will offer clear-cut pricing information, enabling market players to effectively assess their portfolio values. Notably, the unveiling of these new reference rates and indices is slated for July 29. The announcement ignited widespread conjecture regarding a possible XRP ETF debut.
Giovanni Vicioso, the Global Head of Cryptocurrency Products at CME Group, announced that with our collection of 24 cryptocurrencies in CME CF References Rates and Real-Time Indices, we will offer pricing data covering over 93% of the total market value of investable cryptocurrencies.
Upon learning about the latest developments in reference rates and live indices, I, Brad Garlinghouse, view this as a significant milestone paving the way for institutional-grade crypto products.
As a researcher, I believe the initial move toward creating institutional-grade cryptocurrency products lies in establishing a reliable and trustworthy benchmark reference rate. It’s impressive to witness the collaboration between CME Group and CF Benchmarks on this endeavor for an XRP index. The market’s demand for such offerings is clear.
— Brad Garlinghouse (@bgarlinghouse) July 11, 2024
He recognized and commended the efforts of CME Group and CF Benchmarks in introducing the XRP Index. Simultaneously, he expressed the viewpoint that “the market’s verdict has been rendered.”
XRP ETF Potentiality Increases
During the evaluation process for determining the latest benchmark prices for XRP and ICP, we will utilize data obtained from prominent cryptocurrency exchanges, including Bitstamp, Coinbase, and Kraken.
To guarantee market users can obtain current and trustworthy data continually, we will provide this. Specifically, the daily benchmark rates represent the US dollar values of each asset, which get released at 4 p.m. London time. Conversely, real-time indices undergo constant updates every second.
CF Benchmarks significantly contributed to the growth of the crypto asset class through their influential role. According to Sui Chung, the CEO of CF Benchmarks, there has been a surge in demand from clients seeking to diversify their crypto investments.
Discussions and rumors regarding a potential Exchange-Traded Fund (ETF) for XRP continue unabated. Previously, analyst James Seyffart from Bloomberg, who specializes in ETFs, stated that the likelihood of an XRP ETF coming to fruition hinges significantly on its inclusion in a significant derivatives exchange such as CME. Consequently, this recent advancement holds considerable significance for XRP’s potential ETF prospects.
Even Ripple President Monica Long has given her strong support to an XRP ETF.
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2024-07-12 01:46