Ripple CEO Brad Garlinghouse Voices Support for CME\'s Launch of New Reference Rates and Real-Time Indices for XRP and ICP

This initiative aims to provide accurate portfolio valuation information crucial for institutional crypto products.

Brad Garlinghouse, CEO of Ripple, has expressed support for the Chicago Mercantile Exchange’s (CME) launch of new reference rates and real-time indices for Ripple’s XRP and Internet Computer (ICP), scheduled to begin on July 29.

This move is intended to provide precise portfolio valuation data, which is essential for institutional crypto products.

In a tweet, Garlinghouse highlighted the significance of these indices, stating that they mark the first step towards institutional crypto products. He credited CME Group and CF Benchmarks for their collaboration in establishing an XRP index, emphasizing that the market has spoken.

Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, has disclosed that these new indices are part of a larger initiative to offer pricing data for over 93% of the cryptocurrency market capitalization.

The benchmarks will aggregate pricing data from major exchanges like Bitstamp, Coinbase, and Kraken. Daily reference rates, reflecting the U.S. dollar price of each asset, will be published at 4 p.m. London time, and real-time indices will be updated every second, providing continuous access to accurate and up-to-date data.

The above is the detailed content of Ripple CEO Brad Garlinghouse Voices Support for CME\'s Launch of New Reference Rates and Real-Time Indices for XRP and ICP. For more information, please follow other related articles on the PHP Chinese website!