Chicago Mercantile Exchange (CME), one of the world’s largest derivatives marketplaces, continues to expand its cryptocurrency derivatives offering by adding a new Ether (ETH) -based product.
CME announced Tuesday that it plans to launch a 0.1 ETH micro-ether futures contract that will enable a new type of ether exposure for institutional and individual traders.
The new product will be the fourth crypto-derivative product ever launched by CME and is expected to launch on December 6, 2021, subject to regulatory approval.
The news comes amid ethers near their all-time highs after the cryptocurrency hit its highest historical price of $ 4,460 on October 29. At the time of writing, the second largest cryptocurrency by market cap is trading at $ 4,438, according to data from cryptocurrency tracking website CoinGecko.
Tim McCourt, CME Group Global Head of Alternative Investment Products, noted that the introduction of micro-ETH futures aims to bring more investors to the market by enabling smaller investments.
“Since the introduction of the Ether Futures in February, we have seen steady growth in liquidity in these contracts, especially with institutional traders,” noted McCourt, adding that the ETH price has “more than doubled” since these contracts were introduced. have.
“Micro-Ether-Futures offer even more choice and precision in the transparent, regulated and efficient trading of Ether-Futures with the CME Group,” he added.
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Micro-Ether Futures will join CME Group’s growing offering of crypto derivatives, including Micro-Bitcoin futures, which traded in May 2021. With every contract worth 0.1 BTC, the company has traded over 2.7 million contracts to date. CME’s original and first Bitcoin futures contract was launched on December 17, 2017.