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Today, CME Group debuted Bitcoin and Ethereum futures on its derivatives market, with euro-dominated.
According to the company's announcement on Monday, the new product, priced at five Bitcoin and fifty Ethereum per contract, will complement its dollar-denominated cryptocurrency counterparts. The world's largest derivatives exchange is CME Group.
"Futures" are derivatives contracts where an investor is obligated to purchase or dispose of the underlying asset at a specified price on the expiration date.
“The launch of these new futures contracts builds on the remarkable growth and deep liquidity we have witnessed in our existing U.S. dollar-denominated Bitcoin and Ether futures contracts,” said Tim McCourt, global head of stock and FX products at CME Group.
The market for cryptocurrency derivatives is enormous; according to CoinGecko, $174 billion in contracts were exchanged on exchanges on the last day.
The announcement demonstrates that there is still a lot of interest in the cryptocurrency sector, particularly given that Ethereum is soon to receive an upgrade.
Just days before the eagerly anticipated merger, on September 12, the Chicago-based derivatives exchange said it would introduce options on Ethereum futures.
The much-discussed switch by Ethereum from proof of work to proof of stake is anticipated to speed up the network and increase its scalability and energy efficiency.
The transition to proof of stake will happen between September 10 and September 20, according to an official declaration made by Ethereum developers last week.
