CME and CF Benchmarks to Launch New XRP and ICP Reference Rates on July 29

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The cryptocurrency market is taking another step toward institutional maturity with the upcoming launch of two new digital asset reference rates for Ripple (XRP) and Internet Computer (ICP). CME Group, the world’s leading derivatives marketplace, has partnered with CF Benchmarks, the premier provider of regulated crypto benchmark indices, to introduce these new pricing standards starting July 29, 2024.

This expansion enhances the availability of transparent, reliable pricing data for a broader segment of the crypto ecosystem—supporting institutional adoption, portfolio valuation, and the development of structured financial products.

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What Are the New Cryptocurrency Reference Rates?

The newly announced benchmarks include:

These indices are not tradable futures products, but they serve as foundational pricing tools for risk management, auditing, and product design across financial institutions, custodians, and fintech platforms.

Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products, emphasized the strategic importance of this expansion:

"These new benchmarks are designed to provide clear and transparent pricing data to a broad range of market participants, allowing them to more accurately value portfolios or create structured products."

With the addition of XRP and ICP, CME’s suite of CME CF Reference Rates and Real-Time Indices now covers 24 cryptocurrencies, representing over 93% of the investible cryptocurrency market capitalization.

This widespread coverage empowers global clients—from hedge funds to corporate treasuries—to manage exposure with greater precision and confidence.

How Are the Benchmarks Calculated?

Consistent with all existing CME CF benchmarks, the new XRP and ICP indices are derived from regulated and high-volume cryptocurrency exchanges that already contribute to the CME CF Benchmark suite.

Each benchmark pulls pricing data from a minimum of two of the following trusted platforms:

This multi-source methodology ensures resilience against manipulation, price outliers, and exchange-specific volatility. The data is processed using a volume-weighted median algorithm, which filters extreme values and prioritizes trades with higher liquidity.

All calculations adhere to strict regulatory standards under the UK Benchmarks Regulation (UK BMR), reinforcing trust in the integrity and reliability of the indices.

Sui Chung, CEO of CF Benchmarks, stated:

"CF Benchmarks is proud to continue to support the expansion and maturation of this asset class as clients start to spread their activity across a wider range of cryptocurrencies."

She added:

"These new reference rates and indices will be calculated and administered to the same exacting standards as the other benchmarks in the CME CF Single Asset Series, ensuring that clients continue to have the same level of confidence as they engage with these new assets."

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Why XRP and ICP? The Strategic Selection

The inclusion of XRP and ICP reflects growing institutional interest in digital assets beyond Bitcoin and Ethereum.

Ripple (XRP)

XRP has long been recognized for its utility in cross-border payments. Financial institutions are increasingly exploring blockchain-based settlement solutions to reduce transaction times and costs. With ongoing regulatory clarity in certain jurisdictions, XRP is regaining traction as a viable digital asset for enterprise use.

Internet Computer (ICP)

ICP powers the Internet Computer blockchain, designed to extend the functionality of the internet by enabling serverless cloud computing and decentralized applications (dApps) that run entirely on blockchain. Its ambition to replace traditional IT infrastructure makes it a unique addition to the benchmark suite.

By incorporating these assets, CME and CF Benchmarks are signaling support for diversified digital asset adoption and enabling institutions to monitor and integrate emerging blockchain innovations.

The Role of CF Benchmarks in Crypto Market Infrastructure

CF Benchmarks stands at the forefront of regulated crypto index provision. As a registered benchmark administrator under UK BMR, it maintains full compliance with international financial standards.

Its indices are used across:

In total, more than $40 billion in assets are indexed to CF Benchmarks’ methodologies.

This level of integration underscores its role as a critical pillar of crypto market infrastructure, providing auditable, transparent, and replicable pricing mechanisms trusted by regulators and institutions alike.

FAQ: Understanding Crypto Reference Rates

Q: What is a cryptocurrency reference rate?
A: A reference rate is a standardized daily price for a digital asset, typically calculated at a fixed time (e.g., 4 PM London time). It’s used for accounting, settlement, and valuation purposes.

Q: How is a real-time index different?
A: While the reference rate is published once daily, the real-time index updates every second. It reflects live market conditions and supports algorithmic trading, risk modeling, and dashboard tracking.

Q: Can I trade these indices directly?
A: No. These are not investment products. However, they may underlie futures contracts or ETFs in the future. Currently, they serve as pricing benchmarks.

Q: Why does exchange selection matter?
A: Only reputable, high-volume exchanges with strong anti-manipulation controls are included. This ensures data integrity and reduces vulnerability to spoofing or wash trading.

Q: Are these benchmarks regulated?
A: Yes. CF Benchmarks is authorized under UK BMR and listed on the FCA Benchmarks Register (FRN 847100), ensuring compliance with stringent governance standards.

Q: Will more cryptocurrencies be added in the future?
A: Likely. Given the trend toward broader market coverage and rising demand for institutional-grade data, further expansions can be expected as the ecosystem evolves.

👉 Explore how real-time crypto indices empower next-generation financial products.

The Bigger Picture: Institutional Crypto Adoption

The launch of XRP and ICP benchmarks marks another milestone in the professionalization of digital asset markets. As more assets gain standardized pricing mechanisms:

CME Group’s role as a global derivatives leader ensures these benchmarks are integrated into mainstream finance. Its platforms—CME Globex, BrokerTec, and EBS—serve banks, asset managers, and central counterparties worldwide through CME Clearing, one of the most robust clearinghouses in finance.

With over 24 cryptocurrencies now covered under its benchmark suite, CME is positioning itself at the heart of crypto-fiat convergence.

Final Thoughts

The July 29 launch of XRP and ICP reference rates isn’t just about two new tokens—it’s about building a more inclusive, transparent, and resilient digital economy. As institutional participation grows, reliable pricing infrastructure becomes non-negotiable.

Thanks to CME Group and CF Benchmarks, market participants now have access to rigorously governed, real-time data that meets both financial best practices and regulatory expectations.

Whether you're an investor, developer, or financial professional, these developments signal that crypto is increasingly operating on common ground with traditional finance—with clarity, accountability, and scalability at its core.