Key takeout
- CME Group launched Solana Futures on March 17th with a micro and large contract.
- The launch of Sol futures reflects an increase in demand for regulated cryptocurrency products.
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CME Group, one of the world's leading derivatives marketplaces, announced today that it will debut Solana (SOL) Futures on March 17, awaiting regulatory approval. The move will check out some information from previous leaks on Exchange staging websites, which suggested XRP and Solana Futures would be released on February 10th.
At the time, the CME revealed that the leaked information was an error and no decisions were made regarding XRP or Sol futures.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, said in today's announcement that it is being driven by an increase in client demand for regulated crypto products to manage planned risks. Sol Futures Contracts are designed to provide a capital-efficient tool for investment and hedging strategies.
The exchange offers two contract sizes: micro-sized contracts (25 SOL) and large-sized contracts (500 SOL) to meet the needs of a variety of traders.
The contract will arrange cash based on CME CF Solana-Dollar reference rates calculated daily at 4pm London time. This new product will be participating in CME's existing Crypto Product Suite. This includes Bitcoin, ether futures and optional futures.
The CME announcement comes after Coinbase Derivatives launched its CFTC-regulated Solana futures contract earlier this month. These futures are seen as important steps towards the potential recognition of Solana ETFs of the future.
“The launch of Sol futures is a key milestone in the continued maturation of the cryptocurrency market,” said Teddy Fusaro, president of Bitwise Asset Management. Bitwise is one of the fund managers seeking SEC approval to launch a Solana ETF in the US.
“This announcement highlights the commitment and leadership of the CME Group and provides institutional investors and active traders with sophisticated tools for trading and risk management,” added Fusalo.
The SEC has received Solana ETF applications from several companies, including 21 shares, Bitwise, Canary and Vanek.
Volatility stocks filed with the SEC last December for three Solana Futures ETFs. Two of the proposed funds – Volatility shares twice as many Solana ETFs and volatility sharing Solana ETFs. It is currently listed in DTCC.
The DTCC list means that these ETFs are eligible to resolve by excluding their centers However, infrastructure This does not constitute SEC approval for investment products.
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