After Bitcoin and Ether, CME is considering Solana and Cardano futures launch

Chicago Mercantile Exchange (CME) is seeking its way to add futures of different cryptocurrencies, including BTC, ETH, SOL, and ADA

On Wednesday, CryptoCompareDigital Assets Summit was going on in which the director of equity and crypto products at CME, Payal Shah, was speaking about further plans and vision. Payal stated that the exchange is looking forward to adding Bitcoin and Ethereum towards Cardano and Solana futures to cater to the increasing demands of clients for the same.

The Director of Equity said that they are looking at it as the number of clients is requesting more than outside the top two cryptocurrencies, such as Solana and Cardano, which have grown significantly. 

While speaking alongside a top-rated institutional market participants panel, Shah noted that the exchange would face certain disbalancing blocks to launch futures for the above-mentioned altcoins. Firstly she pointed out that futures for bitcoin and Ethereum have settled on an Index. CME has contracted with some five crypto exchanges that would share real-time price quotes simultaneously, which would enable the firms to settle on bitcoin and Ethereum futures’ precise prices. 

Thus she said that the exchange then needed to build another similar index for other digital assets in the future and hence it caused the delay in launching any other product other than the two top coins, bitcoin, and Ethereum.

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Shah said that CME was concerned particularly about the regulatory obscurity that revolves around cryptocurrencies. This concern is especially more about altcoins and hence they need to be conducted with more diligence. She said that they need to know after all where to send the concerned paperwork. Do we need to send it to the SEC, CFTC, or to some other regulatory entity that is about to put its arms around that? 

Emphasizing on releasing new crypto products, Shah stated that once all the blocks are removed, the releasing of nre cry[to products would begin, since it’s something that can’t be ignored as being asked for clients. She said that at the speed at which they are bringing new products to the market, she assumes that it will continue till 2022 and 2023 onwards. 

CME launched bitcoin futures in 2017, before introducing bitcoin options in 2019. The firm later in Feb 2021 launched ether futures before launching micro bitcoin futures and micro Ethereum futures in May and December. 

Last year, financial news outlet, Firstquawk in order to break the latest update published a misleading statement about the launching of Dogecoin futures by a Chicago-based firm that later on refused the claims.