Despite the bear market, CME Group has increased demand for crypto products

Despite the bear market, CME Group has increased demand for crypto products

Terrence A. Duffy, Chairman and CEO of the leading derivative marketplace Chicago Mercantile Exchange (CME), announced that his company has had a certain growth of the demand for its crypto products since November.

during a recent Interview with Closing Bell from CNBC Duffy made the revelation when he was asked about the status of institutional demand .

CME recorded upward trend in crypto products

The CEO of CME believes that market conditions in 2022 could have influenced institutional demand for its products.

with the collapse of the Terra ecosystem in May, the insolvency of FTX in November and a series of competitions as a result of infection, many critics would have thought that the institutional interest in crypto-assets would consider considerably.

Duffy, however, revealed that the opposite is the case, as demand for crypto derivatives of CME products has increased significantly since November.

"It was really interesting what happened to Bitcoin after we saw what happened with some problems in the industry at the end of last year. The entire crypto industry somehow suffered, and then we saw an upward trend that started in our trades in November and December," said the CEO.

Duffy said that the trust of customers in CME could also have contributed to increasing sales. Due to the lack of regulatory clarity in the crypto industry and its units, customers can choose regulated markets such as CME.

"I think people look at the regulated market, especially on the institutional thing. If you act, if we act this stuff, we will act on a regulated stock exchange like CME. So we actually saw an upward trend in our crypto products, so we are very satisfied with it," he added.

2022 was the best year in CME history

despite the intensive crypto winter, CME revealed during his conference on the phone for the results of the fourth quarter of 2022 on February 8th, the best in the company's history, since it recorded significant growth.

The financial products of the company were responsible for growth, with a increase in sales of 5.27 % from 2021 to $ 1.21 billion and a record profit per share of $ 1.92

.