Coinspeaker
CME Group Expands Crypto Offerings: Solana Futures Set to Launch on March 17
Solana
SOL
$148.1
24h volatility:
7.8%
Market cap:
$73.77 B
Vol. 24h:
$8.71 B
, commanding a market capitalization of $71.90 billion, stands firmly as the sixth-largest cryptocurrency by market value. Despite weathering a significant downturn in recent weeks, investor sentiment has pivoted bullish following the CME Group’s announcement of Solana Futures contracts.
CME Group to Launch Solana (SOL) Futures
CME Group, the world’s leading derivatives market place, has recently announced its plan to list Solana SOL Futures on its platform. This will expand its offerings into the crypto market, as it said in a press release on Friday.
The CME group plans to launch the contracts on March 17. With the new contracts pending under the regulatory review, the CME Group will allow traders to manage SOL risks in two lot sizes. The contract sizes will be of 25 SOL tokens and 500 SOL tokens.
In the press release, CME Group’s Global Head of Cryptocurrency Products, Giovanni Vickyosso, said:
“With the launch of our new SOL Futures contract, we are responding to increasing client demand for a broader set of regulated products.”
This clearly highlights the industry leader offering new cryptocurrency products in response to the rising demand. The SOL Futures contracts will be cash-settled using the CME Group’s CF Solana dollar reference rate.
This reference rate tracks the Solana price daily at 4pm London time.
CME’s Growing Crypto Derivatives Market
CME Group is already offering future contracts for Bitcoin and Ethereum. CME Group announced its first Bitcoin Futures contract on December 17, 2017.
Recently, the firm Derivatives Marketplace has reported an average daily volume of 202,000 contracts this year. This marks a 73% surge compared to the previous year.
Rising Speculations of Solana ETF Approval
With the CME Group’s new step into the altcoin space, the industry leaders are expected to follow in similar footsteps. Teddy Fusaro, President of Bitwise Asset Management, has noted the CME’s crypto derivatives are a crucial support for paving the way in regulated financial products, including the ETFs.
As Solana gains traction among the crypto investors and the global US markets, the possibility of a new Solana exchange traded fund is increasing. Especially with the announcement of a new futures contract on the world’s largest derivatives platform.
The United States Securities and Exchange Commission will likely approve the Solana ETFs. Furthermore, Donald Trump’s second administration, known for its pro-crypto regulation stance, is likely to help smooth the regulatory process.
Photo: CoinMarketCap
In response to the recent announcement of CME ready to offer Solana future contracts, the SOL price has seen a magnificent surge. With a bounce back in the past 4 hours, the SOL token has surged nearly 7.86%, rising from $133 to $143.
CME Group Expands Crypto Offerings: Solana Futures Set to Launch on March 17
