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CME Introduces Reference Rates For Metaverse Tokens

CME Introduces Reference Rates For Metaverse Tokens

The more we walk with the crypto space and the blockchain technology, the more we get to see the everyday usage that the tokens are catering towards. One more recent update towards the same came from the CME Group, which is a derivatives marketplace. They are in the planning phase to launch reference rates and real-time indexes for three of the well known metaverse crypto assets. This initiative will be making it possible for the investors to track pricing data more reliably as the process will be using a methodology that is commonly used in traditional finance.

Additional Read: Top Metaverse Projects In 2023

Ever since last year, the Metaverse and the Metaverse tokens exploded in popularity. 

This week, on January 5, 2023, the CME Group announced that starting from January 30, 2023, the CME Group and CF Benchmarks will be launching reference rates for Axie Infinity Shards, Chiliz, and Decentraland’s MANA. The CME Group Global Head of Crypto Products, Giovanni Vicioso said in the announcement, “As we continue to see a rising interest in Metaverse projects, CME Group, in partnership with CF Benchmarks, will expand its suite of regulated, non-tradable Crypto Reference Rates and Real-Time Indices to include three new Metaverse tokens. 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.

As with all existing CME CF Benchmarks reference rates and real-time indices, these new Metaverse benchmarks will utilize pricing data from those leading crypto exchanges and trading platforms that are current constituent exchanges for the CME CF Benchmark suite of reference rates and real-time indices. Each of the new AXS, CHZ, and MANA benchmarks will be calculated with pricing data gathered from at least two of these crypto exchanges that includes Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital. The real-time indexs will be published every second of every day and the reference rates of the assets will be priced in U.S. dollars and published daily at 4:00 pm GMT.
According to CoinMarketCap, Chiliz, the largest of the three metaverse players, currently has a market capitalization of $742.1 million, while AXS in currently running a market cap of $686.5 million, and MANA a roughly $597.2 million. The CME Group has been active on the crypto scene since last year when they launched micro sized Ether and Bitcoin options followed by them launching a euro-sized ETH and BTC options specifically for institutional investors outside of the United States.
Source: Cointelegraph
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