Solana and Cardano futures contracts may soon be available on the Chicago Mercantile Exchange, a CME Group executive said earlier this week.
There is a lot of interest in Solana and Cardano
Payal Shah, the director of equity and cryptocurrency products at CME, spoke at CryptoCompare’s Digital Asset Summit in London. She said:
“We are looking at it. We get a lot of requests from customers to add other cryptos as well, such as Solana, Cardano.”
Although they are still categorized as “altcoins”, SOL and ADA have secured a firm place in the top 10 largest cryptocurrencies. Solana is the sixth largest cryptocurrency at the time of writing with a total market cap of $44.8 billion. Cardano is in 8th place with a market cap of $40 billion.
Solana in particular has grown enormously. It was the best performing coin in 2021, climbing from $1.84 to $178.26 in less than a year.
About the Bitcoin futures products
The Bitcoin and Ethereum products that CME already offers is already in high demand. The exchange started offering options on micro Bitcoin and micro Ethereum futures last week. The micro means traders can buy derivative contracts in increments worth 1/10th the price of Bitcoin or Ethereum.
Crypto derivative products, such as Bitcoin futures, allow investors to speculate on the price of an asset without having to physically hold the underlying asset. Investors use them to bet on price movements and to hedge against the volatility of the token.