Gemini, the leading cryptocurrency exchange founded by the Winklevoss twins, has announced that its data will be added to the Chicago Mercantile Exchange (CME). The futures exchange has cryptocurrency indices for Bitcoin and Ethereum that are provided by CF Benchmarks.
Prior to Gemini, Bitstamp, itBit, Coinbase, and Kraken joined the list of CF Benchmarks' data sources. Notably, the latter inked an acquisition deal with the startup back in February for at least $100 mln.
Each of these exchanges had to go through a meticulous vetting process. CME has high requirements for the quality of market data as well as security standards and regulatory compliance.
Being a vocal proponent of common-sense cryptocurrency regulations, Gemini undeniably checks all these boxes.
We appreciate these standards and look forward to continuing to build trust in crypto; trust is our product,” the exchange claims.
Pricing Bitcoin futures
Starting from Aug. 30, Gemini will serve as a constituent exchange for CME that is trading cash-settled Bitcoin futures contracts. CME remains the only exchange that offers this product to institutional investors after the exodus of its next-door rival.
There is a heating race to occupy the cryptocurrency pricing niche. The NYSE Bitcoin Index was launched back in 2015, becoming the very first product of this kind. Since then, other traditional players stepped with their sophisticated solutions to mainly serve the needs of institutional players.