As investors continue to want cryptocurrency trading around the clock, CME is ready to consider it, but it is resolutely staying away from meme coins.
The derivatives exchange located in Chicago continues to focus on digital assets with a simple use instead of tokens driven by online culture.
CME expands access, prioritizes utility-based tokens
CME Group has embarked on a mission to engage in crypto trading all day (24/7). Up until now, trading was permitted between Sunday at 6 p.m. ET and Friday at 5 p.m. ET, with a daily maintenance period of at least one hour. Gio Vicioso, global head of cryptocurrency products at CME, revealed that it is now the focus to fill the gap over the weekend because more people want to trade it.
In spite of this growth, CME still operates a selective process related to the listing process. It has issued futures on the known tokens, including Bitcoin, Ethereum, Solana, and XRP. Memes are not included in the firm because there are no powerful use cases. According to Vicioso, the firm will always invest in digital assets that have simple utility and adoption possibilities.
Meme coins attract other exchanges despite risks
Whereas CME has distanced itself from meme coins, other significant exchanges have been more aggressive. Within 48 hours of its release, the Trump token ($TRUMP) was listed on eight leading platforms, such as Binance, Coinbase, OKX, and others.
Analysts also announced that exchanges reached much quicker with $TRUMP than with other meme coins. Statistics indicate that Pepe, Bonk, dogwifhat, and Fartcoin needed, on average, 129 days to be listed by the same 10 exchanges. On the contrary, only four days were required to list $TRUMP.
Listed exchanges were featuring some token trading when Trump or close associates were in possession of most of the supply. Although there is a threat of insiders selling off, Coinbase and Upbit are among the exchanges that claimed to adhere to an internal review policy prior to their listing.
CME crypto futures record substantial volumes
CME’s prudent approach seems to be paying off. Its Solana futures, placed on March 17, have amassed close to $5 billion in trading volume. The exchange makes between 75 million and 100 million daily trades.
XRP futures launched in May and have now topped a total of $2 billion in trade volumes. The merchandise recorded a one-day maximum of 235 million dollars. CME has maintained interest in institutional clients with regulated derivatives tied to utility-based cryptocurrencies.
Similar to the other markets, such as Nasdaq and NYSE, that are experimenting with the idea of being open 24/7, CME is ready to respond to the expectations of global crypto investors nowadays.
