The Chicago Mercantile Alternate (CME), one of many world’s greatest derivatives marketplaces, continues increasing its cryptocurrency derivatives choices by including a brand new Ether (ETH)-based product.
CME announced Tuesday that it’s planning to launch a micro Ether futures contract, sized at 0.1 ETH, enabling a brand new kind of Ether publicity to institutional and particular person merchants.
The brand new product will change into the fourth crypto derivatives product ever launched by CME and is predicted to be rolled out on Dec. 6, 2021, pending regulatory approval.
The information comes amid Ether sitting close to all-time excessive ranges after the cryptocurrency posted its highest historical price on Friday, reaching $4,460. On the time of writing, the second-largest cryptocurrency by market cap is trading at $4,438, in response to knowledge from cryptocurrency monitoring web site CoinGecko.
Tim McCourt, CME Group International head of different funding merchandise, famous that the launch of micro ETH futures goals to convey extra buyers to the market by enabling smaller investments.
“For the reason that launch of Ether futures in February, we have now seen regular progress in liquidity in these contracts, particularly amongst institutional merchants,” McCourt famous, including that ETH price has “more than doubled” since these contracts have been launched.
“Micro Ether futures will provide much more selection and precision in how they commerce Ether futures in a clear, regulated and environment friendly method at CME Group,” he added.
Micro Ether futures will be part of CME Group’s rising providing of crypto derivatives, together with Micro Bitcoin futures, which started trading in May 2021. With every contract price 0.1 BTC, the corporate has traded over 2.7 million contracts up to now. The unique and the primary Bitcoin futures contract by CME was launched on Dec. 17, 2017.