ME Group has announced it will list an Ethereum (ETH) futures product next year.
The firm said in a statement today that it would launch an Ethereum-linked futures product as the price of Bitcoin exceeds$ 20,000. The product will be launched on February 8.
“Building on the success of Bitcoin futures and options, CME Group will also add Ethereum futures to its cryptocurrency risk management solutions, which were introduced for trading in February,” CME Group said in a statement.
The firm has built up a sizable Sunday for Bitcoin futures since 2017. According to data from the block, the open interest in the Bitcoin futures contract exceeded $ 1 billion in the last check, making it one of the largest futures markets in the crypto field.
CME Group launches Bitcoin option product in early 2020
The launch of futures represents an innovation for the firm, which has previously said its focus is on Bitcoin. Tim McCourt, CME Group’s head of global equity index and alternative investment products, said in an interview at the end of 2019 that the stock market had been focused on Bitcoin futures since December 2017.
In addition, McCourt said in a press release that the release of Ethereum futures depends on the growth of Bitcoin futures and the options market, and added;
“Based on growing customer demand and strong growth in our Bitcoin futures and options markets, we believe the addition of Ethereum futures will provide our customers with a valuable tool to buy and sell this growing cryptocurrency.”