The next-generation cryptocurrency exchange, Gemini, made an announcement on its official Twitter account that the exchange will join the CME CF Bitcoin Reference Rate (BRR), CME CF Bitcoin Real Time Index (BRTI) and six other CF benchmarks Cryptocurrency Indices. This will take place officially on Friday, August 30th, 2019 4:30 pm BST.
The Gemini exchange passed the eligibility criteria established by the CME group. The exchange’s market data will be used to help price the CME Group’s Bitcoin Futures contract. Only the announcement is made, details are not yet provided.
The CME Group launched Bitcoin Reference Rate (BRR) and Bitcoin Real Time Index (BRTI) on November 14, 2017, to publish Bitcoin prices as both a real-time spot price index and a reference rate by traders, investors, and the public. According to CME Group’s website:
“CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real-Time Index (BRTI), a standardized reference rate and spot price index with independent oversight are accelerating the professionalization of bitcoin trading.”
The CME CF Bitcoin Reference Rate (BRR) was introduced to provide market participants with a reliable source for the price of bitcoin and intended to facilitate the creation of financial products based on bitcoin.
The New York-based Gemini exchange has a digital asset exchange and custody license for minorists and institutions. It was founded in 2015, by twin brothers Cameron and Tyler Winklevoss. It is regulated by the New York State Department of Financial Services (NYSDFS) and currently operates in the United States, Canada, the United Kingdom, South Korea, Hong Kong and Singapore.
The CME Group Inc is a collaboration of Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBT), and it is a most diverse financial marketplace made up of CME, CBOT, NYMEX, COMEX, and KCBT. The group was formed by the merger of Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBT) in 2007.