CME Group is launching new futures contracts based on the payments altcoin XRP.
The derivatives marketplace giant says in a new announcement that it will be rolling out a micro-sized XRP-based futures contract worth 2,500 XRP and a larger-sized one worth 50,000 XRP. The launch date is scheduled for May 19th, but the firm notes both contracts are still pending regulatory review.
Giovanni Vicioso, CME’s global head of crypto products, says the new product rollout is due to burgeoning client demand for regulated products based on digital assets.
“Interest in XRP and its underlying ledger (XRPL) has steadily increased as institutional and retail adoption for the network grows, and we are pleased to launch these new futures contracts to provide a capital-efficient toolset to support clients’ investment and hedging strategies.”
CME Group first launched Bitcoin (BTC) futures in 2020 and Ethereum (ETH) futures in 2022, and in March, the marketplace added Solana (SOL)-based contracts. The financial services firm’s futures products started rolling out on the retail trading giant Robinhood in January.
XRP is trading at $2.19 at time of writing. The fourth-ranked crypto asset by market cap is down more than 1.5% in the past 24 hours but is up nearly 6% in the past week.
