The Launch of Bitcoin and Ether Reference Rates by CME Group in the Asia Pacific
CME Group has announced the launch of Bitcoin (BTC) and Ether (ETH) reference rates specifically for the Asia Pacific (APAC) region. The new reference rates will be available from September 11. The aim is to cater to the needs of international players in the growing digital asset industry.
Key points:
– Nearly 37% of cryptocurrency trades this year occurred outside U.S. business hours, with 11% originating from the APAC region.
– Including APAC reference rates will enable market players to hedge against price fluctuations more effectively and align with their portfolio timings.
– The reference rates will be used for pricing settlements of crypto futures contracts for BTC and ETH.
– CME already has reference rates for BTC and ETH in London and New York time zones, as well as for metaverse projects like Axie Infinity Shards, Chiliz (CHZ), and Decentraland (MANA).
– The Asian region, particularly Hong Kong and Singapore, has experienced significant growth in the cryptocurrency industry.
CME Group aims to provide essential data and reference rates to support investors and traders globally. The launch of APAC reference rates further establishes CME’s commitment to meeting the evolving demands of the crypto market.
Hot Take
The introduction of Bitcoin and Ether reference rates for the Asia Pacific region by CME Group demonstrates the growing importance of this market in the global cryptocurrency industry. By providing localized reference rates, CME Group is facilitating more efficient risk management and trading strategies for market participants in the APAC region. This move aligns with the increasing interest and adoption of cryptocurrencies in countries like Hong Kong and Singapore. CME Group continues to be a leading provider of essential services in the crypto space, catering to the evolving needs of investors and traders worldwide.
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