CME will begin trading a futures contract on the Ethereum versus Bitcoin exchange rate on July 31.
The product, which has yet to be approved by regulators, will receive the ticker EBR. The platform will offer six monthly and four quarterly contracts.
Investors can use the tool to speculate on changes in the relative performance of these two assets or to hedge risks.
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Giovanni Vicioso, global head of crypto products at CME Group, has said:
"These two assets have historically displayed high correlation, their market dynamics may now vary, making it possible to capitalize on their performance differences."
CME expanded its product line to include digital asset derivatives back in December 2017. The first was Bitcoin futures, which gained recognition among institutional investors. In February 2021, the platform added an Ethereum-based derivative.
According to CoinGlass, CME ranks second in open interest for Bitcoin futures and fifth for Ethereum futures.