Derivatives market CME Group and cryptocurrency benchmark provider CF Benchmarks plan to launch two new Asia-Pacific-specific reference rates.
CME CF Bitcoin BTC -0.37% Asia Pacific Reference Rate (BRRAP) and CME CF Ethereum ETH -0.48% Dollar Asia Pacific Reference Rate (ETHUSD_AP).
A daily reference rate will be provided for the USD prices of the two digital assets.
Giovanni Viciioso, Global Head of Cryptocurrency Products at CME Group, said: “These new reference rates are designed to meet the changing needs of global players in the growing digital asset space. 37% of CME Group’s cryptocurrencies Total transaction volume was conducted in non-US markets, with 11% of transactions coming from the Asia-Pacific region.”