[NEWS] CME to launch XRP and Solana futures trading

On the 22nd, information about XRP and Solana futures contracts was temporarily published on the CME (Chicago Mercantile Exchange) website. The information has since been taken down and is pending review by regulatory authorities. A CME spokesperson acknowledged that the announcement may have been released in error and clarified that no official decision has been made yet.

According to the temporarily available information, the futures contracts for XRP and Solana include standard and micro contracts, with the following specifications:

XRP

• Standard contract: 50,000 XRP
• Micro contract: 2,500 XRP

SOL

• Standard contract: 500 SOL
• Micro contract: 25 SOL

All contracts are expected to be settled in USD. Following the announcement, the prices of XRP and Solana showed a temporary positive reaction.

CME, which has been named the "Most Valuable Exchange Brand in the World" for 11 consecutive years, boasts the largest trading volume in futures and options globally. If XRP and Solana futures are approved for trading on CME, it would provide both institutional and retail investors with a more secure and regulated environment for trading these altcoins.

CME has played an important role in increasing the maturity of the cryptocurrency (virtual currency) market.

Bitcoin futures were listed on CME on December 18, 2017. Bitcoin (BTC) spot ETF was approved by the SEC (US Securities and Exchange Commission) on January 10, last year. Ethereum (ETH) futures on CME began trading on February 8, 2021, and the spot ETF was approved on May 23, last year.

It took about six years from the listing of Bitcoin futures to the approval of the spot ETF, and about three years and three months from the listing of Ethereum futures to the approval of the spot ETF. Just as Bitcoin and Ethereum futures contracts paved the way for the approval of spot ETFs, XRP and Solana futures may have a similar impact.

As the results of the SEC's review are attracting attention in the future, CME's actions will have a significant impact on the cryptocurrency market, suggesting the possibility of providing new options for investors.

Reference: THE BLOCK
Image: Shutterstock

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