The operator noted Monday that it would provide "a daily benchmark price in U.S. dollars" every 24 hours, as well as the real-time price "based on transactions and order book activity" from cryptocurrency exchanges Kraken and Bitstamp, according to a press release. The rates are already available online on both the CME Group and Crypto Facilities websites, and will be provided to the CME Group Market Data Platform starting June 4.
In a statement, CME Group managing director and global head of equity products and alternative investments Tim McCourt said "the Ether Reference Rate and Real Time Index are designed to meet the evolving needs of this marketplace. Providing price transparency and a credible price reference source is a key development for users of ethereum."
Similarly, Crypto Facilities CEO Timo Schlaefer said:
"Ether, the second largest cryptocurrency, experienced incredible adoption and growth in 2017, evolving into the leading blockchain for smart contracts. We are excited to be contributing to the strong community that has developed around the Ethereum" href="http://coinaio.com/tag/ethereum.html">Ethereum network by providing a reliable reference rate and real-time Ether-Dollar price."
The new indices will be overseen by the Bitcoin Oversight Committee formed by CME Group, Crypto Facilities and other industry participants, according to the release. This "oversight committee will regularly review the methodology, practices and standards to protect the integrity of the reference rates."
The news comes just days after Crypto Facilities began trading in ethereum futures, as previously reported by CoinAIO. The platform announced it was launching the first futures contract for the token through a regulated platform on May 11.