CME: Solana Listed on World’s largest Futures Exchange
The CME Group declared the listing of Solana (SOL) futures on March 17.
The plans were disclosed in a press release issued by the derivatives market on February 28 pointing out that regulatory review affects the SOL futures product’s launch.
The world’s largest futures exchange will provide a larger contract of 500 SOL and a micro-sized contract of 25 SOL when approved.
CME Group’s global head of cryptocurrency products, Giovanni Vicioso, stated that the new SOL futures contracts were because of growing customer demand for a wider range of regulated products to manage cryptocurrency price risk.
CME Group states that the SOL futures product will follow the CME CF Solana-Dollar Reference Rate and be cash-settled.
CME is prepared to expand its range of cryptocurrency products with the upcoming introduction of SOL futures
Teddy Fusaro, president of Bitwise, stated that the introduction of SOL futures marks a critical turning point in the continuous development of the cryptocurrency market.
Fusaro stated: “CME Group cleared the path for more regulated financial products like ETFs to enter the market and for the wider institutionalization of cryptocurrency as an asset class with the launch of Bitcoin and Ether futures. “.
The introduction of Solana futures contracts by the platform is viewed by market participants as the first step toward Solana spot exchange-traded funds receiving regulatory approval. The U.S. Securities and Exchange Commission has accepted several proposed rule changes that allow spot SOL ETFs to be listed and traded.
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