CME Group Will Release Euro-Backed BTC and ETH Futures

CME Group will release euro-backed BTC and ETH futures, which is the next step in their strategy.

Chicago Mercantile Exchange (CME) Group, the largest provider of financial derivatives, announced plans to launch Bitcoin and Ether Futures for the euro later in August.

The business has a lengthy history in the cryptocurrency sector. It introduced micro options on Bitcoin and Ether futures a few months ago, justifying the move with the growing demand for these services among investors.

CME Goes Further

Despite the dire state of the cryptocurrency market, the American company stepped up its efforts in the area of digital assets. It announced the launch of Bitcoin and Ether futures priced in euros, which will be made available to customers at the end of the month.

According to CME, each of those contracts will be worth five bitcoins and fifty ether. Based on the CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rate, the new features will be cash-settled. They will be bound by the rules already in place, the entity assured them.

The current state of the cryptocurrency industry, according to Tim McCourt, Global Head of Equity and FX Products at CME Group, makes customers more interested in such products:

“Ongoing uncertainty in cryptocurrency markets, along with the robust growth and deep liquidity of our existing Bitcoin and Ether futures, is creating an increased demand for risk management solutions by institutional investors outside the U.S.

Our Bitcoin Euro and Ether Euro futures contracts will provide clients with more precise tools to trade and hedge exposure to the two largest cryptocurrencies by market cap.”

The executive added that, after the US dollar, digital assets denominated in euros are the second-highest traded fiat.

“Year-to-date, the EMEA region represents 28% of total Bitcoin and Ether futures contracts traded, up more than 5% versus 2021,” he noted.

Users can trade futures, options, cash, and OTC markets on the derivatives marketplace giant. Additionally, it supports a broad range of products from important asset classes, including cryptocurrency. The average daily volume of 6.6K contracts for ether futures during Q2 2022 marked a record high for CME Group (27 percent more than in Q1).

It is certain that CME Group will release euro-backed BTC and ETH futures by the end of this month, and we cannot wait.

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