Many hands choosing cryptocurrency coins from box labeled ICO

Chicago-based CME Group and Crypto Facilities Ltd. of London, U.K. have launched of a benchmark and index for the ethereum digital currency, the two firms announced on Monday.

CME CF ether dollar reference rate benchmark will provide a daily price in U.S. dollars at 4 p.m. London time, and CME CF ether-dollar real time index will allow users access to a real-time ether price in U.S. dollars.

The new benchmark and the index will be calculated by Crypto Facilities, based on transactions and order book activity from two major cryptocurrency exchanges: Kraken and Bitstamp.

“The ether reference rate and real time index are designed to meet the evolving needs of this marketplace. Providing price transparency and a credible price reference source is a key development for users of ethereum,” says Tim McCourt, managing director and global head of equity products and alternative investments at CME Group.

“Ether, the second largest cryptocurrency, experienced incredible adoption and growth in 2017, evolving into the leading blockchain for smart contracts,” says Timo Schlaefer, CEO of Crypto Facilities, in a statement. “We are excited to be contributing to the strong community that has developed around the ethereum network by providing a reliable reference rate and real-time ether-dollar price.”

The new benchmark and index will be overseen by the existing Bitcoin Oversight Committee, consisting of CME Group, Crypto Facilities and industry experts.