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CME Launches Ethereum Indexes

CME Group, one of the largest exchange operators in the U.S., said Monday it is launching two indexes based on ethereum. Ethereum is the second-largest digital currency behind bitcoin.

On Monday, CME “launched the CME CF Ether-Dollar Reference Rate (Ether Reference Rate), which will provide a daily benchmark price in U.S. dollars at 4 pm London time, and CME CF Ether-Dollar Real Time Index (Ether Real Time Index), which will allow users access to a real-time Ether price in U.S. dollars,” according to a statement issued by the exchange operator.

CME was the second US-based exchange operator to launch bitcoin futures last December, having done so after debuting indexes based on the cryptocurrency. However, CME said it is focusing on its ethereum indexes for the time being, indicating ether futures are not in the works.

Ethereum prices rose modestly Monday, sending its market value to $73.28 billion, or less than half of that of bitcoin.

The cheapest and most efficient way to obtain Ethereum Classic (ETC) is to first purchase Litecoin or Bitcoin through Coinbase (Currently Ethereum offers a much lower transfer and exchange fee than Bitcoin.)

More Index Details

Both the Ether Reference Rate and Ether Real Time Index will be calculated by Crypto Facilities and will be based on transactions and order book activity from two major cryptocurrency exchanges: Kraken and Bitstamp,” according to CME. “The reference rates are available today on CME Group and Crypto Facilities websites and will be distributed on the CME Group Market Data Platform beginning June 4, 2018.”

CME also offers the CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI).

The exchange operator “said it has no plans right now for ethereum futures, although the structure of the indexes is very similar to the ones behind CME’s bitcoin futures,” according to CNBC.

Some market observers derivatives, such as futures, linked to ethereum will become a reality because the interest is there to support those products, but the decision to bring ethereum futures to life could take some time.

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