Futures exchange CME Group has joined with Crypto Facilities Ltd, a cryptocurrency trading platform, to launch two indexes to track Ethereum, the second-largest cryptocurrency as per market capitalization.
In a statement, the companies announced the launch of CME CF Ether-Dollar Reference Rate and CME CF Ether-Dollar Real Time Index. The Ether Reference Rate will provide a daily benchmark price in U.S. dollars at 4 pm London time, while Ether Real Time Index will allow users access to a real-time Ether price in U.S. dollars.
Crypto Facilities will calculate both the Ether Reference Rate and Ether Real Time Index. They will be based on transactions and order book activity from two major cryptocurrency exchanges: Kraken and Bitstamp.
CME said the reference rates are available on both companies' websites and will be distributed on the CME Group Market Data Platform beginning June 4.
Meanwhile,CME, which launched bitcoin futures back in December, reportedly said it has no plans for ethereum futures right now.
Timo Schlaefer, CEO of Crypto Facilities, said, "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."
According to coinmarketcap, Ethereum was trading at $731.78, up 4.3 percent over the last 24 hours, with a market cap of $72.8 billion.
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