The Chicago Mercantile Exchange (CME) has doubled down on its engagement with some of the most popular altcoins – XRP and SOL – by launching Spot-Quoted futures tracking both assets’ performance.
These new products are designed to complement the existing Spot-Quoted Bitcoin and Ethereum futures.
The official statement informs that they will also be available for trading across four major US equity indices, including the S&P 500, Nasdaq-100, Russell 2000, and Dow Jones Industrial Average.
“We’ve seen strong demand for our current Spot-Quoted Bitcoin and Ether futures, with more than 1.3 million contracts traded since launched in June, and we are pleased to add XRP and SOL to our offering. Designed for the everyday trader, the size of these contracts – our smallest yet within our Crypto complex — will provide greater precision and market accessibility to clients, while also being quoted in terms they are already familiar with,” commented Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group.
The new contracts will allow investors to trade futures positions in spot-market terms by also benefiting from a longer-dated expiry. This should eliminate the need to roll positions periodically.
Recall that the CME launched the first batch of XRP futures contracts on May 19, which only added to its cryptocurrency fleet of BTC, ETH, and SOL futures products.
In just a few months, the XRP futures financial vehicles had shattered numerous records on CME’s platform to attract $1 billion in open interest.
Meanwhile, the prices of both digital assets have failed to rebound on the major news from CME. SOL is down by over 5.5% weekly and struggles at $130, while XRP has lost the $2.00 support following a 7.5% drop in the past seven days to $1.94.
