CME is about to open its doors to ETH futures trading


CME Group is on the cusp of launching its long-awaited ether (ETH) futures product.

The derivatives exchange said in a Sunday morning tweet that ETH futures will go at 6 p.m. ET on Sunday "for a first trade date of Feb. 8." 

CME's ETH futures were announced in mid-December to much fanfare. Per contract details published on the CME website, the futures are cash-settled and based on the CME CF Ether-Dollar Reference Rate. Each monthly contract represents 50 ETH -- an amount worth roughly $78,000 at press time -- with a minimum block trade size of five contracts.

The CME Group website lists a range of liquidity providers for its ETH futures, some of whom also provide liquidity for the exchange's bitcoin futures and options products. The firms providing liquidity for ETH futures include BlockFi, Galaxy, Genesis, CoinShares and NYDIG. 

The launch itself represents a significant step toward the creation of financial products built around cryptocurrencies and is the first product of its kind in the United States. 

Heath Tarbert, former chairman of the Commodity Futures Trading Commission, predicted in 2019 that derivatives focused on Ethereum's native cryptocurrency would eventually hit the market. As reported at the time, Tarbert said he believed ETH falls under the definition of a commodity.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Why BTG Pactual is launching a crypto platform

Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]
Read Full Story
Sep 24, 2021, 9:17PM UTC

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post