CME Group is set to launch Solana (SOL) futures on March 17, 2024, pending regulatory approval.
Giovanni Vicioso
Specifically, CME will provide the choice to trade both a micro-sized contract (25 SOL) and a larger-sized contract (500 SOL).
Giovanni Vicioso, global head of cryptocurrency products at CME Group, said: “With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk.
As Solana continues to evolve into the platform of choice for developers and investors, these new futures contracts will provide a capital-efficient tool to support their investment and hedging strategies.”
The SOL futures will be cash-settled and based on the CME CF Solana-dollar reference rate – a once-a-day reference rate of the SOL US dollar price, set daily at 4pm GMT.
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“The launch of SOL futures is a significant milestone in the ongoing maturation of the cryptocurrency market,” said Teddy Fusaro, president of Bitwise Asset Management.
“With the introduction of Bitcoin and Ether futures, CME Group paved the way for the broader institutionalisation of crypto as an asset class and set the stage for more regulated financial products such as ETFs to enter the market. The addition of these new contracts further demonstrates CME Group’s leadership and its continued role in shaping the evolution of this dynamic asset class.”
Last June, CME Group enhanced its partnership with Google Cloud, moving forward with plans for a new private cloud region and co-location facility in Illinois aimed at bolstering its markets offering for futures and options.
CME Group confirmed to clients that an 18-month notice will be provided prior to the exchange’s transition of its markets to the new platform.