Ripple CEO praises the introduction of a new XRP index by CF Benchmarks, marking significant progress towards institutional adoption of cryptocurrency.
Points
- CME Group launches new reference rates and real-time indices for XRP and ICP.
- The new indices aim to provide clear pricing information and support institutional crypto offerings.
- Ripple CEO and market analysts see this as a step towards an XRP ETF.
Ripple CEO Brad Garlinghouse has expressed strong support for the launch of a new XRP index by CF Benchmarks, a move seen as a significant step towards institutional adoption of cryptocurrency. The Chicago Mercantile Exchange （CME） Group announced the introduction of new reference rates and real-time indices for XRP and ICP, set to launch on July 29.
These benchmarks aim to provide clear and reliable pricing information, helping users determine accurate portfolio values. This development has sparked conversations about the potential for an XRP exchange-traded fund （ETF）. Giovanni Vicioso, CME Group’s Global Head of Crypto Products, noted that with the inclusion of XRP and ICP, CME Group’s suite now covers 24 cryptocurrencies, accounting for over 93% of the total market capitalization of investable cryptocurrencies.
Garlinghouse tweeted, “First step towards institutional crypto products is to have a trusted benchmark reference rate. Nice to see @CMEGroup and @CFBenchmarks collaborate on this for an XRP index. The market has spoken.”
The benchmarks for XRP and ICP will derive pricing data from leading crypto exchanges such as Bitstamp, Coinbase, and Kraken. This ensures that the data provided are accurate and reliable, enhancing market confidence. Daily reference rates for the USD price of each asset will be published at 4:00 p.m.
Market analysts see this move as paving the way for the potential launch of an XRP ETF. According to Bloomberg ETF analyst Eric Balchunas, the availability of digital assets in a derivative exchange like CME is crucial for ETF approval. Ripple President Monica Long also expressed support for an XRP ETF, highlighting its importance for broader market adoption.
CF Benchmarks CEO Sui Chung welcomed the announcement, noting increased client flow and interest. The new reference rates and real-time indices are expected to boost the credibility of cryptocurrency pricing and support informed investment decisions.
解説
- Institutional Adoption: The new XRP index by CF Benchmarks is seen as a major step towards institutional adoption of XRP.
- Reliable Pricing Data: The benchmarks provide accurate and reliable pricing information, enhancing market confidence.
- Potential XRP ETF: The introduction of these indices supports the potential launch of an XRP ETF, with strong backing from market analysts.
- Market Confidence: Reliable data from leading exchanges like Bitstamp, Coinbase, and Kraken strengthens market trust in XRP.
- Future Prospects: The collaboration between CME Group and CF Benchmarks highlights the growing trend of institutional-grade products in the crypto market.
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