CME Group has expanded its cryptocurrency benchmarks to include XRP (CRYPTO:XRP) and Internet Computer (ICP), effective from July 29.
These additions aim to provide transparent pricing for institutional investors, leveraging aggregated trade data from major spot exchanges.
The benchmarks, managed by CF Benchmarks, ensure accuracy and reliability in determining fiat prices for these cryptocurrencies, supporting their valuation across financial markets.
Ripple CEO Brad Garlinghouse praised the move as a crucial step toward establishing trusted reference rates for institutional crypto products.
This development emphasises CME Group's commitment to advancing in the digital asset space, fostering greater market confidence and adoption among institutional players.