CME Group on Thursday said it would introduce XRP futures on its derivatives marketplace for clients next month.

The new product will allow clients to trade both a micro-sized contract of 2,500 XRP, and a larger-sized contract of 50,000 XRP.

"As innovation in the digital asset landscape continues to evolve, market participants continue to look to regulated derivatives products to manage risks across a wider range of tokens," said Giovanni Vicioso, CME Group's global head of cryptocurrency products. "Interest in XRP and its underlying ledger (XRPL) has steadily increased as institutional and retail adoption for the network grows, and we are pleased to launch these new futures contracts... to support clients' investment and hedging strategies."

XRP is the fourth biggest cryptocurrency by market cap and was recently trading for $2.19 per coin after a 4% 24-hour dip, according to CoinGecko.

CME Group is the world's biggest derivative marketplace. Futures are a type of contract allowing an investor to buy or sell the underlying asset at a given price at a predetermined expiration date.

This story will be updated. 

Edited by James Rubin