Crypto News Flash #164: CME Group Launched Ethereum Price Index In Partnership With Ethereum Futures Exchange !!
The well-known Chicago Mercantile Group (CME) has recently launched an Ethereum Price Index, Ether-Dollar Reference Rate and Real time price Index in partnership with a UK-based Ethereum Exchange specialized in Ethereum Futures. The Ethereum Index will serve the purpose of providing real-time price of Ethereum in Dollars.
According to the Sources, the Ethereum Index will be highly beneficial for crypto traders and investors as it will provide the real time spot price index and standardized reference rate. Both rates will be calculated by the crypto experts based on the transactions as well as order books of Bitstamp and Kraken Cryptocurrency exchange.
CME team also announced that the quality of products will be managed by an independent committee which will maintain the code of conduct within the various Crypto Indices.
Moreover, as per the Sources, CME group mentioned following things in its official circular:
“The products include a spot price index called the CME CF Ether Dollar Real Time Index, known as ETH_RTI_USD, and a reference rate called the CME CF Ether Dollar Reference Rate, known as ETH_RR_USD... ETH_RTI_USD is a real time index of the US dollar price of one Ether published once per second 24 hours a day 365 days per year. This index provides real time transparency to the US dollar price of Ether. ETH_RR_USD is a daily reference rate of the US dollar price of one Ether as of 4 p.m. London time...”
CME was the first traditional exchange listed the BTC index in December 2017 and within that period, BTC price spiked to the sky. And this time too, the first regulated ETH index is now introduced by CME group.
This will definitely help crypto space to grow further as Ethereum is the second largest and well known cryptocurrency after Bitcoin. Its Price Index listing by CME group will definitely attract main stream investors to invest or trade in Ethereum.
Thanks for reading ...!!
