Decentralized Network and 24/7 Trading
According to the source, CME Group is exploring the launch of its own cryptocurrency on a decentralized network. This move could be the next step in expanding the company's cryptocurrency offerings for institutional investors. Currently, CME Group offers various cryptocurrency futures and options, launched in 2017 and 2019, respectively.
In addition, CME Group plans to transition its cryptocurrency products to 24/7 trading, in order to meet the growing demand from investors. In 2020, the trading volume of cryptocurrency futures and options on CME grew by 92% compared to the previous year.
Significance for the Market
The launch of CME Group's own cryptocurrency would be a significant event for the entire cryptocurrency market. As one of the largest financial institutions, CME can have a substantial impact on the perception and adoption of cryptocurrencies among institutional investors. The expansion of trading hours also indicates a growing interest in crypto assets from professional traders and investors.
Overall, these steps by CME Group demonstrate that major traditional financial players are increasingly integrating into the cryptocurrency sector, which may contribute to its further institutionalization and development.