CME Group, the world's largest derivatives exchanges, has rolled out euro-dominated Ethereum and Bitcoin futures.
As reported by U.Today, the launch of the new products was initially announced in early August.
The euro is the second most commonly held fiat currency in the world, accounting for more than a fifth of global FX reserves, according to data provided by the International Monetary Fund. It is the official currency of 19 states of the European Union. The dollar, of course, remains the dominant currency with a 59% share of global reserves.
The launch of euro-denominated futures is expected to speed the process of crypto's transition into an institutional asset.
CME initially launched Bitcoin futures back in December 2017 (shortly after its rival, Cboe). This coincided with the peak of the bull market cycle that started back in 2016. Japanese economist Yukio Noguchi claimed that the launch of the product killed the strong rally.
In February 2021, CME followed up with the launch of Ethereum futures. Despite some concerns about the impact of the product on the market rally, the second largest cryptocurrency continued surging.
In addition, CME has also introduced micro-sized Bitcoin futures as well as micro-sized options that allow traders to bet on the price moves of the two largest cryptocurrencies.