CME Group is getting better demand for the Cardano and Solana futures product services.
At present, Solana & Cardano are getting traction in the crypto industry as the best Ethereum alternative. However, the current fight between Cardano and Solana is not neck to neck but still, both these two blockchain projects are legendary at their level, which are getting institutional interest significantly.
Recently speaking during the CryptoCompare Digital Asset Summit this week, the director of equity and cryptocurrency products at CME Payal Shah said that they are looking to offer Cardano and Solana backed futures products because they are getting strong demand from their clients.
“We are looking at it…..(..)…the number of client requests in anything outside the top two (such as) Solana Cardano.”
However in speaking at Summit, Payal onfirmed that CME will work on altcoins backed futures products but alongside it, she noted that they will face certain obstacles because it will not be easy for them to get approval from the regulators.
For the Bitcoin and Ethereum futures products, CME Group established a contract with 5 crypto exchanges to collect the real-time price of Bitcoin and Ethereum. So for these two altcoins, they will establish contracts with other crypto exchanges to build a similar kind of index, as they made for Bitcoin and Ethereum.
Payal talked about the legal issues to get approval for the same form spot and derivatives regulatory body of US and said:
“We need to know where to send the paperwork…(..)…do we send it to the SEC, CFTC, to have some regulatory certainty about who is putting their arms around that?”
Payal claimed that CME Group will continuously launch such products, on which users are demanding to launch, but they have to wait for the legal blockage.
Payal further added:
“The speed at which we are bringing new products to the market I think that will certainly continue over 2022 and 2023”.