CME Group will launch 11 new cryptocurrency reference rates but XRP is not on the list

CME will offer reference rates for 11 altcoins—an important prerequisite for crypto ETFs and derivatives. Cardano (ADA), Solana (SOL), Polkadot (DOT), and several other popular altcoins will have reference rates and real-time indices—which could lay the groundwork for more ETFs and derivative products—by the end of the month.

CME Group to launch 11 new crypto indices, including ADA, DOT, SOL

Starting from April 25, CME Group will launch 11 new cryptocurrency reference rates and real-time indices, calculated and published each day by CF Benchmarks, one of the leading providers of cryptocurrency benchmark indices, the organization announced in a press release on April 6.

Specifically, the list includes Cardano (ADA), Chainlink (LINK), Solana (SOL), Algorand (ALGO), Bitcoin Cash (BCH), Cosmos (ATOM), Litecoin (LTC), Stellar Lumens (XLM), Polygon (MATIC), and Uniswap (UNI).

Furthermore, several leading cryptocurrency exchanges will provide the pricing data, starting with Coinbase, Gemini, Kraken, Bitstamp, itBit, and LMAX Digital. The organization has added that “each coin will trade on a minimum of two of these constituent exchanges.”

Tim Court, the Global Head of Equity and FX Products at CME Group, commented on the newest development, saying:

“As the digital asset market expands, there is an increasing demand for reliable, standardized cryptocurrency pricing information based on robust, regulated reference rates.”

It’s worth noting that the organization has left out XRP from the list, despite it being one of the major cryptocurrencies, larger by market capitalization than all of the listed crypto assets except for Solana.

One possible explanation could be that the marketplace prefers to avoid the risk of antagonizing the United States Securities and Exchange Commission (SEC), which is currently waging a legal battle against Ripple Labs.

As a reminder, XRP had found itself in the middle of a lawsuit in which the regulator had accused the blockchain company of selling more than $1.3 billion in unregistered XRP tokens between 2013 and December 2020 – when the SEC filed the lawsuit.

Despite this setback, the Ripple ecosystem continues to grow, and the company has recently announced it was giving out one billion XRP tokens to support project developers working on its payment-focused ledger.

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