CME Group and CF Benchmarks Launch Metaverse Reference Rates

CME Group and CF Benchmarks Launch Metaverse Reference Rates

CF Benchmarks will publish its first reference rates and real-time indices from January 30th.

The Derivatives marketplace CME Group joined forces with cryptocurrency benchmark indices provider CF Benchmarks to launch three Metverse reference rates and real-time indices.

According to the press release shared on January 5th, the reference rates and real-time indices will be calculated daily and published by CF Benchmarks starting January 30th.

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In the press release, the company noted that the reference rates will be provided for Axie Infinity (AXS), Chiliz (CHZ) and Decentraland (MANA).

Global Head of Cryptocurrency Products at CME Group, Giovanni Vicioso, claimed that the move was caused by the “rising interest in Metaverse projects.” Nevertheless, Vicioso stated:

With increased price transparency across more cryptocurrency products, market participants will be able to price sector-specific portfolios, develop structured products with greater confidence and manage price risk around various Metaverse-based projects.

Based on the press release, CME CF Reference Rates and Real-Time Indices are designed to provide round-the-clock pricing with a transparent and regulated approach.

When commenting on the new collaboration, CF Benchmarks CEO, Sui Chung, noted:

CF Benchmarks is proud to continue its work with CME Group, providing investors with exposure to all facets of the digital asset class with reference rates that meet the high benchmarking standards they’ve come to expect.

Moreover, Sui Chung stated that benchmarks will provide “accurate and resilient pricing data” for Metaverse-tied tokens. The Metaverse benchmarks will be calculated utilizing the pricing data from a minimum of two cryptocurrency exchangessuch as Kraken, Coinbase, Gemini, itBit and LMAX Digital.

The reference rates will be published once a day at 4 p.m. Greenwich Mean Time (GMT) zone, in the United States Dollar price. On the other hand, the real-time index will be updated once per second, “24 hours a day, 365 days per year.”

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree

Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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