CME Group has announced its exciting plans for Cardano (ADA) and Solana (SOL), not Shiba Inu (SHIB), one of the most popular coins of recent times. Here are the details…
CME has ADA and SOL, not SHIB, on its agenda
The Chicago Mercantile Exchange for Solana (SOL) and Cardano (ADA) coming soon for Solana (SOL) and Cardano (ADA), a CME Group executive said earlier this week. He said futures contracts can be offered in . Payal Shah, director of equity and cryptocurrency products at CME, spoke at the Digital Asset Summit in London. When asked if CME is considering offering futures and other derivatives for altcoins, he said that they are looking into this issue, receiving requests for Cardano and Solana, with the exception of the top two cryptocurrencies (Bitcoin and Ethereum). As we have also reported as
Kriptokoin.com, SOL and ADA have consolidated their positions in the top 10 according to market value. As of writing, SOL is the sixth largest cryptocurrency with a market cap of $44.08 billion, and ADA is the ninth largest with a market capitalization of $37.9 billion. Solana, in particular, has seen a lot of growth. It was the best performing coin in 2021, rising from $1.84 at the start of 2021 to $178.26 by December 15. Challenges exist for
ADA and SOL futures
Shah said the CME must tackle two main challenges before offering futures contracts for SOL or ADA. First, the exchange’s futures contracts settle on an index as they are tied to five different exchanges for price: If one breaks, they still have a fixed price and can set their futures. Another concern is regulator. “We need to know where to send the paperwork,” he said.
There is a lot of demand for Bitcoin and Ethereum products that CME currently offers. The commodity exchange started offering options for micro Bitcoin and micro ETH futures last week. Micro means that traders can buy derivative contracts in increments of 1/10 the price of Bitcoin or Ethereum.
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