- CME Group and CF Benchmarks are set to launch real-time indices for ICP and XRP.
- The indices and reference rates for these two cryptocurrencies, closely watched by Turkish investors, will be introduced on July 29.
- Reference rates will be published once daily at 16:00 London time.
Stay updated with the latest real-time indices and reference rates for ICP and XRP, commencing July 29.
Significant Milestone for ICP and XRP with New Benchmark Indices
CME Group, a global leader in derivatives markets, and CF Benchmarks, a prominent provider of cryptocurrency benchmark indices, are gearing up to launch new reference rates and real-time indices for Ripple’s XRP and Internet Computer (ICP). These indices, calculated daily by CF Benchmarks, will officially go live on July 29. This move aims to enhance institutional adoption of the altcoin projects by providing transparent price discovery mechanisms. Although these benchmarks are not tradable futures contracts, they are designed to improve price transparency and discovery for these digital currencies.
Utilizing Leading Crypto Trading Platforms for Accurate Data
The new cryptocurrency benchmarks will derive their pricing data from at least two of the leading crypto trading platforms, including Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital. The reference rates will offer the USD price of each underlying cryptocurrency once a day at 16:00 London time. An oversight committee comprising members from CME Group, CF Benchmarks, and industry experts will supervise these benchmarks to ensure their integrity and accuracy. Further, it has been confirmed that each real-time index will be updated every second, operating 24/7, throughout the year.
Impacts on ICP and XRP Price Performance
Following this development, the price of XRP surged by more than 4% within the last 24 hours. Ripple’s CEO, Brad Garlinghouse, expressed his excitement about the new XRP benchmark on social media. Garlinghouse stated, “The first step towards institutional crypto products is to have a trusted benchmark reference rate. It’s great to see CME Group and CF Benchmarks collaborating on an XRP index. The market has spoken.” Similarly, according to CoinMarketCap, XRP saw a 63% increase in trading volume, reaching $1.56 billion, and its market capitalization rose by 4.6% to $26.34 billion, maintaining its position as the seventh-largest cryptocurrency.
Performance Insights on ICP
On the other hand, ICP experienced a decline of 6.52% in the past 24 hours, trading at $7.1. Despite this, its trading volume surged by 26.9%, amounting to $63.4 million, and its market capitalization currently stands at $3.30 billion, making it the 25th largest cryptocurrency by market cap.
Implications for the Future of Cryptocurrency Benchmarks
This initiative marks a significant stride towards the broader institutional acceptance of cryptocurrencies. By offering reliable and transparent pricing data, these new indices will pave the way for more sophisticated financial products in the crypto space, thereby enhancing market confidence.
Conclusion
The introduction of real-time indices and reference rates for ICP and XRP by CME Group and CF Benchmarks stands as a pivotal development in the crypto industry. This move not only supports institutional adoption but also promises greater price transparency and discovery. As these indices roll out, stakeholders can expect enhanced market data integrity and more informed trading decisions. Stay tuned to our channels for the latest updates on these indices and other significant developments in the crypto world.
