CME Group revealed Tuesday that it has launched trading in its new XRP futures contracts, with the first block trade cleared by Hidden Road on Sunday, 18 May.
CME Group Announces First XRP Futures Trades
The initial day of trading saw more than $19 million in notional volume.
The contracts are offered in two sizes: a micro contract of 2,500 XRP and a larger 50,000 XRP contract.
Both are cash-settled against the CME CF XRP-Dollar Reference Rate, which is calculated daily at 4:00 p.m. London time.
“We are pleased to see such early support for our latest futures contracts,” said Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products.
“The addition of XRP and Micro XRP futures to our leading, regulated cryptocurrency suite will provide investors with the deeply liquid, capital-efficient tools they need.”
Noel Kimmel, President of Hidden Road, which cleared the first trade, called the launch “a significant milestone” for institutional adoption of digital assets.
“We are excited to clear the first block trade in CME Group XRP futures,” he said, adding that the continued adoption of digital assets is “enhancing liquidity and risk management capabilities around XRP.”
Kimmel added: “As one of the largest non-bank prime brokers and FCMs, Hidden Road remains focused on delivering seamless global market access and driving innovation at the intersection of traditional finance and digital assets.”
