CHICAGO, Feb. 28 (Xinhua) -- CME Group announced Friday that it plans to launch Solana (SOL) futures on March 17, pending regulatory review.

Market participants will have the choice to trade both a micro-sized contract (25 SOL) and a larger-sized contract (500 SOL), the Chicago-based world's leading derivatives marketplace said in a news release.

CME Group SOL futures will be cash-settled and based on the CME CF Solana-Dollar Reference Rate, which serves as a once-a-day reference rate of the U.S. dollar price of SOL and is calculated daily at 4:00 p.m. London Time.

SOL futures will join the company's crypto product suite that includes Bitcoin and Ether futures and options futures.

SOL futures will be listed on and subject to the rules of CME.

"With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk," said Global Head of Cryptocurrency Products at CME Group Giovanni Vicioso.

"The launch of SOL futures is a significant milestone in the ongoing maturation of the cryptocurrency market," hailed Teddy Fusaro, president of Bitwise Asset Management, Inc. Enditem

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