XRP, SOL Receive the Green Light From the CFTC and CME: Details

Despite the ongoing uncertainty in the cryptocurrency markets, institutional adoption and backing continue for some of the biggest digital assets.

Earlier today, the Chicago Mercantile Exchange announced that it had launched regulated options products on Solana’s SOL and Ripple’s XRP.

The company explained that the new financial vehicles have received the green light from the US Commodity Futures Trading Commission.

They will be physically settled into the underlying futures contracts, which ensures “seamless integration.” The products also come in various sizes – larger and micro, said the CME.

Thus, the CME Group continues with its cryptocurrency products, especially for altcoins. Recall that its derivatives marketplace saw the launch of XRP futures earlier this year, which joined BTC, ETH, and SOL.

Moreover, the XRP futures’ release shattered a few records on the opening day, becoming the fastest product to reach a $1 billion open interest on the platform.

Today’s launch comes in a rather peculiar time for the digital asset industry after the market crash experienced at the end of the previous business week. XRP and SOL both dumped hard to multi-month lows, especially on some exchanges, but have managed to recover most of the losses.

XRP stands close to $2.60 as of press time, while SOL has neared $200.

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