CME Group to Launch Solana (SOL) Futures on March 17

The world's biggest derivatives marketplace is expanding its cryptocurrency offerings to include the popular smart contract platform.

CME Group, the world’s biggest derivatives marketplace, announced that it’s launching Solana (SOL) futures on March 17, subject to regulatory approval.

This will enable traders and investors to bet on the future price of Solana without needing to buy the currency, according to the press release.

These new SOL futures will be available in two sizes: a micro contract of 25 SOL and a larger contract of 500 SOL. The contracts will be cash-settled, meaning that the traders will settle their gains or losses in U.S dollars rather than actual Solana tokens.

The value of SOL will be based on the CME CF Solana-Dollar Reference Rate, which calculates the value of Solana once daily at 4:00 p.m. London time.

Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, made a statement about the launch:

“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.”

He also added that since the Solana ecosystem is expanding, these futures contracts will help traders invest and hedge risks in a better manner.

The announcement comes on the heels of other big investors showing interest in crypto. CME Group has reported an average daily volume for its crypto products increasing by 73% this year to 202,000 contracts traded per day. Open interest is also up 55%, with over 11,300 unique accounts actively trading.

Also Read: “Sell a kidney, but keep the Bitcoin” – Michael Saylor