CME Group Launches Ethereum Price Index
Written by Luka Glogoski on May 15, 2018
Beginning on 4th June 2018, the CME Group will be listing real time Ethereum price, officially referred to as the “Ether-Dollar Reference Rate”.
CME is well known in the crypto markets for being only the second mainstream exchange to list Bitcoin futures, which effectively ended Bitcoin’s crazy bull run at the end of December 2017.
According to Tim McCourt, Global Head of Equity Products and Alternative Investments at CME Group, the Ethereum Reference Rate and Real Time Index, are designed to provide price transparency and a credible price reference source in order to further the development of Ethereum.
Tim McCourt, our Global Head of Equity Products and Alternative Investments, on the addition of #Ethereum to our cryptocurrency suite: https://t.co/qKyNzB2zES #ETH #Consensus2018 pic.twitter.com/prxMEVYLAv
— CMEGroup (@CMEGroup) May 14, 2018
The listing of Ethereum reference price by the CME Group is a result of cooperation with Crypto Facilities, which is a crypto trading platform based in London. The price will be based on data from Kraken and Bitstamp, two of the largest and oldest crypto exchanges in the market.
“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.” – CEO of Crypto Facilities, Timo Schalaefer.
Crypto Facilities is a well respected financial trading platform with its own virtual currency exchange and has been providing cryptocurrency price information to many large financial institutions around the world.