• CME Group Inc and CF Benchmarks have partnered to launch three new metaverse reference rates.
• These include Axie Infinity (AXS), Chiliz (CHZ), and Decentraland (MANA).
• The move to provide the three new metaverse reference rates comes off as a unique contribution by the CME Group and CF Benchmarks to help with the evolution of the Web 3.0 ecosystem.
American global markets firm, the CME Group Inc (NASDAQ: CME), and CF Benchmarks have come together to introduce three new metaverse reference rates in a bid to extend their footprints in the emerging Web3.0 world. The metaverse is a loosely used term for virtual reality-based social interactions that many believe will dominate Web3.0, considered as the next iteration of the internet. As different crypto projects build different aspects of the metaverse, the two firms have pointed to the need to create a more trusted reference rate for investors following these digital currencies.
The three new metaverse reference rates include Axie Infinity (AXS), Chiliz (CHZ), and Decentraland (MANA). The rates will be calculated by CF Benchmarks, a leading crypto index and benchmark provider, using its CFB Corvo index methodology. The methodology uses data from multiple trading venues and takes into account liquidity, trading volumes, and price accuracy. According to the two firms, the reference rates will be published on a real-time basis and made available in various formats, including direct feeds, APIs, and webpages.
The CME Group and CF Benchmarks have expressed their confidence in the new reference rates. According to both firms, the rates will provide investors with a reliable source of price discovery and an accurate benchmark for the metaverse projects. Speaking on the launch of the new rates, Tim McCourt, the Global Head of Equity Index and Alternative Investment Products at the CME Group, said, “As more investors look to gain exposure to the metaverse, these new reference rates provide a reliable source of price discovery and a benchmark for the projects.”
The launch of the three new metaverse reference rates comes as a unique contribution by the CME Group and CF Benchmarks to help with the evolution of the Web 3.0 ecosystem. The two firms are hoping that the rates will provide insight into the performance of the projects and will be a valuable tool for traders and investors. According to the two firms, the reference rates will be available to the public through the CME Group’s website and CF Benchmark’s dedicated webpages.