Ripple CEO Brad Garlinghouse recently took to the X social media to spotlight XRP's new milestone after Chicago-based derivatives exchange CME Group announced its plan to launch real-time indices and reference rates for the cryptocurrency in collaboration with CF Benchmarks.
Garlinghouse has commented that having "a trusted benchmark reference rate" is the first step toward institutional crypto products. "The market has spoken," the Ripple boss added.
The addition of XRP shows that there is a demand for a reliable price feed among institutional investors.
Tomiwabold OlajideApart from XRP, CME Group also launched these products for Internet Computer (ICP).
The real-time indices will be updated every second based on order book activity on such major digital asset trading platforms as Coinbase, Bitstamp, and Kraken.
Daily benchmark prices of the aforementioned cryptocurrencies will be provided at 4 p.m. UTC.
Alex DovbnyaCME initially announced the launch of real-time indices and reference rates for Bitcoin back in 2016.
It has since launched these products for Ethereum, Algorand, Avalanche, Bitcoin Cash, Cardano, Chainlink, Litecoin, Stellar Lumens, Uniswap, and other altcoins.
An XRP ETF?
There has been a lot of speculation about whether an XRP ETF could be launched in the near future.
As reported by U.Today, Garlinghouse previously claimed that the launch of an XRP ETF was "inevitable."
Last month, VanEck and 21Shares filed applications to launch spot Solana ETFs.
Meanwhile, spot Ethereum ETFs are expected to start trading this July after multiple prospective issuers recently filed their S-1 forms.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team