Winklevoss' Gemini Exchange is being added to CME Group's crypto benchmarks

Winklevoss-twins founded crypto exchange Gemini is slated to become a constituent exchange for the Chicago Mercantile Exchange (CME Group)’s crypto reference rates.

The firm’s market data are being added to eight crypto indices offered by CF Benchmarks. The reference products include four indices and reference rates provided for CME Group, namely, the spot index “CME CF Bitcoin Real-Time Index,” the standardized “CME CF Bitcoin Reference Rate,” “CME CF Ether Real-Time Index,” and “CME CF Ether-Dollar Reference Rate.”

“We’re pleased with the addition of Gemini data to our bitcoin and ether reference rates and realtime indices. This will capture wider market participation and increase the robustness of the pricing indices at a time when customers are increasingly using our bitcoin futures to trade and manage underlying spot market price risk,” Tim McCourt, CME Group’s Managing Director and Global Head of Equity Products and Alternative Investments, said as quoted by CoinDesk.

In addition, CF Benchmarks said that other exchanges such as Bitstamp, Coinbase, itBit, and Kraken will boost the quality of market data underlying the indices.

“This ensures the reference rates remain the most accurate and liquid representation of the underlying market for Bitcoin-USD transactions,” the firm said.

The new data source will go live on the indices on August 30 at 4:30 pm (U.K. time).

Meanwhile, another Winklevoss-backed organization, Virtual Commodity Association, wants to become a self-regulatory organization for the cryptocurrency industry, in a bid to function similarly like the Financial Industry Regulatory Authority (FINRA) and the National Futures Association.

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