CME Group (NASDAQ:CME) is working with CF Benchmarks, a provider of cryptocurrency benchmark indices, again to launch new reference rates and real-time indices for aave (AAVE-USD), curve (CRV-USD) and synthetix (SNX-USD), the companies said Thursday.
Those decentralized finance (DeFi) reference rates and indices, which are not tradable futures products, will be calculated and published by CF Benchmarks starting December 19.
The move comes in response to rising interest in DeFi projects and a growing need for transparent, regulated and round-the-clock pricing. Recall in October when the companies teamed up to introduce reference rates and indices for avalanche (AVAX-USD), filecoin (FIL-USD) and tezos (XTZ-USD).
“These three new benchmarks, together with Uniswap launched earlier this year, will capture more than 40% of the total value locked in DeFi protocols on the Ethereum blockchain,” said Giovanni Vicioso, global head of Cryptocurrency Products at CME. The rates allow users “to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects,” he added.
Pricing for the new benchmarks will be provided by a slew of crypto exchanges, including Coinbase Global (COIN), Bitstamp, Gemini and Kraken.
Despite a deeply ingrained market downturn, CME (CME) continues to expand its crypto-related product offerings. In September, the derivatives exchange launched ethereum (ETH-USD) options ahead of its blockchain Merge.