based on materials from the website - By Cryptopolitan_News
The Chicago Mercantile Exchange (CME) Group aims for round-the-clock trading but wants to move away from meme coins.
Unlike CME, most other issuers are striving to make speculative tokens closer to investors. For example, asset managers like VanEck and 21Shares are promoting plans to launch spot ETPs linked to meme tokens like Dogecoin and TRUMP.
CME launched cryptocurrency derivatives linked to Solana and XRP.
CME's head of cryptocurrency products, Joe Vichiozo, noted: 'We are launching these products based on underlying coins and tokens that have a specific use case, so I do not expect us to do anything in the area of meme coins, as there is actually no use case for such products.'
In recent months, the exchange has launched cryptocurrency derivative products linked only to major cryptocurrencies: Solana, XRP, Bitcoin, and Ethereum.
So far, things are going well. Trading in Solana futures on CME began on March 17, and the total trading volume was nearly $5 billion, with daily volumes ranging from $75 to $100 million.
Shortly after the launch, even Vichiozo stated that the futures received strong early support, emphasizing the company's intention to provide investors with tools for forming cryptocurrency portfolios.
The trading volume for XRP futures launched in May is also close to $2 billion, reaching a peak daily volume of $235 million last Friday. Access to the products was restricted from 6:00 PM Sunday to 5:00 PM Friday Eastern Time, with daily breaks for one hour for scheduled maintenance. Nevertheless, CME is considering providing traders with round-the-clock access. Vichiozo stated that it is important for them to overcome the downtime from Friday evening to Sunday evening, given the growing demand from traders.
Nasdaq and NYSE have already made progress in modernizing infrastructure for round-the-clock trading in response to increased activity in the cryptocurrency market and other volatile assets.
Cryptocurrency exchanges rushed to add Trump's meme coin.
While CME distances itself from meme coins, many cryptocurrency exchanges have taken a more positive stance, some more readily than others. According to Reuters, major cryptocurrency exchanges were much quicker to list Trump's coin than other meme coins, despite their promises to adequately assess 'risky' tokens before their release.
Some exchanges approved the asset, while most tokens still belonged to Trump and his associates—a scenario usually considered high-risk, as insider sell-offs can crash the price and harm other investors.
Just 48 hours after its launch, TRUMP was picked up by eight of the world's largest cryptocurrency exchanges. Coinbase added the token to its roadmap on January 18 and finally listed it on January 21. Upbit was the last of the ten largest exchanges to list it on February 13. However, analysts claim they listed the token much faster than some of the largest meme coins.
The same ten exchanges, Binance, Gate.io, Bitget, MEXC, OKX, Coinbase, Bybit, Upbit, Crypto.com, and HTX, took an average of 129 days to add the other four largest meme coins by market capitalization (as of May 29): Pepe, Bonk, Fartcoin, and dogwifhat. In comparison, the listing of $TRUMP took an average of four days.
Although exchanges Bitget, MEXC, OKX, Coinbase, and Upbit claim that they all followed proper evaluation procedures before listing the token.
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