First Step Towards XRP-Based ETF: Comment from CME Group

2 hours ago

While investors await new crypto ETFs following the approval of Bitcoin and Ethereum-based funds, companies are starting to take steps for creating other ETFs.

New Initiatives for Crypto ETFs

In anticipation of new crypto ETFs, companies like Solana, XRP, and Litecoin have filed applications. CME Group's Senior General Manager Tim McCourt commented on this at the Ripple Swell 2024 event.

Comments from CME Group

Speaking at Ripple Swell 2024, Tim McCourt stated that CME Group has already laid the groundwork for creating an XRP-based ETF by designing a reference rate and real-time index.

We have an XRP reference rate and a real-time index, which is the first step towards building an XRP ETF ecosystem.Tim McCourt

The Importance of Reference Rates and Indexes

McCourt noted that CME has over 50 real-time prices and reference rates, which are important for product providers like Bitwise because they offer a regulated benchmark for new products.

This is important for product providers like Bitwise because they can at least point to a fully regulated benchmark.Tim McCourt

McCourt's statements come as Canary Capital files another XRP ETF application with the SEC, highlighting the acceleration of the crypto industry's growth due to ETFs.

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