Brad Garlinghouse, Ripple’s CEO, recently unveiled a significant development for XRP on the X social media platform. He announced plans to launch real-time indices and reference rates for XRP in collaboration with CF Benchmark. This move aims to cater to institutional crypto products requiring reliable price feeds.
In a parallel development, CME Group introduced real-time Internet Computer (ICP) indices, updated every two seconds based on order book activity from major digital asset trading platforms like Coinbase, Bitstamp, and Kraken. Additionally, CME Group provides daily benchmark values for a variety of cryptocurrencies at 4 p.m. UTC, expanding its Bitcoin offerings.
Expansion of CME Group’s Cryptocurrency Offerings
CME Group initially launched real-time reference prices and indexes for Bitcoin in 2016, later expanding to include cryptocurrencies such as Ethereum, Algorand, Avalanche, Bitcoin Cash, Cardano, Chainlink, Litecoin, Stellar Lumens, and Uniswap. The recent additions of XRP and ICP underscore the growing demand for diverse cryptocurrency benchmarks.
Related article: Ripple CEO Fuels Debate: Is David Schwartz Satoshi Nakamoto?
Speculation has been rife about the potential launch of an XRP ETF since Garlinghouse indicated its inevitability. With the introduction of reliable benchmark rates for XRP, the path may soon open for such financial products.
Emergence of New Cryptocurrency ETFs
In a related development, Van Eck and 21 Shares recently applied to launch Solana ETFs, signaling a broader trend towards institutional-grade cryptocurrencies. Additionally, spot Ethereum ETFs are set to commence trading in July, following S-1 filings by multiple potential issuers. These actions reflect increasing institutional interest and potential integration of XRP into this evolving trend.
Related article: Ripple CEO Rallies Community Amid XRPL Apex Event Excitement
The inclusion of XRP and other cryptocurrencies in these indices and ETFs highlights a future where digital assets play a pivotal role in institutional portfolios. This trend signifies a broader acceptance of digital assets and creates new avenues for investment.
The introduction of real-time indices and reference rates for XRP and ICP represents a significant advancement in institutional cryptocurrency investing. These developments highlight the rising demand for dependable benchmarks in the crypto market, indicating greater institutional acceptance of digital assets.
