CME Group plans to launch a euro-denominated micro-currency. bitcoin and Ethereum We plan to launch futures next month to respond to the rapidly growing demand in the derivatives market.
Trading company based in Chicago presentation On Tuesday, it said it would launch cryptocurrency futures for European markets due to the popularity of the US dollar-denominated currency.
Futures are scheduled to launch on March 18th following regulatory review.
CME Group is the world’s largest derivatives market comprised of four exchanges.
Futures are a type of contract that requires investors to buy or sell an underlying asset at a specific price on a predetermined expiration date. “Micro-futures” refers to a portion of an underlying asset. In this case, CME Group said it would be one-tenth of the two largest digital coins, Bitcoin (BTC) and Ethereum (ETH), which are currently priced at $51,538 and $2,940, respectively.
Starting March 18*, CME Group will introduce a second currency pair: Micro Bitcoin and Micro Ethereum futures, Euro-denominated Bitcoin and Ethereum futures contracts.
*Pending regulatory review https://t.co/juxh2N2wDr
— CME Group (@CMEGroup) February 20, 2024
These products, which offer minimal fees and better liquidity, have been popular as an alternative to cryptocurrency ETFs for traders for years, at least before Bitcoin-based investment vehicles became widely available in the United States.
“Year-to-date, 24% of CME Group’s Bitcoin and Ethereum futures volume was traded in Europe, the Middle East and Africa,” Giovanni Vicioso, global head of cryptocurrency products at CME Group, said in the release. “We continue to develop additional tools to help our customers hedge their cryptocurrency portfolios and express or explore potential market movements.”
He added that CME Group’s U.S. dollar-denominated trading volume has “quadrupled.”
CME Group first launched BTC futures in December 2017. We have since launched ETH futures and micro futures for both digital assets. CME Group Executives 2022 said The market was evaluating the launch. Solana (SUN) and Cardano (ADA) The same goes for the future.
editor Ryan Ozawa.
