From Investing.com: 2024-05-03 10:08:53

CF Benchmarks, Kraken’s London-based crypto pricing provider, benefits from the surge in spot-Bitcoin ETFs in the U.S. and Hong Kong. CEO Sui Chung predicts Hong Kong’s crypto ETF assets will reach $1 billion by 2024.

The firm provides reference data for $24 billion in crypto ETFs, including BlackRock’s $15.9 billion U.S. fund. Chung notes that asset managers and banks drive interest in spot bitcoin ETF pricing.

CF Benchmarks, holding half of the crypto benchmarking market, collaborates with Hong Kong’s new ETFs. CEO Chung anticipates expansion into South Korea and Israel due to their high digital asset adoption.

Despite early projections, U.S. spot-Bitcoin ETFs managed over $20 billion this year after SEC approval for major firms. Following a market plunge, value drop, and outflows, U.S. crypto ETFs faced challenges. Market forecasts in 2024 suggest ETF expansion to new territories.

CF Benchmarks forecasts mid-double-digit revenue growth for the year with revenues hitting £6 million in 2022. The UK firm plans to expand its team by a third to over 40 employees. Acquired by Kraken in 2019, CF Benchmarks plays a crucial role in providing Bitcoin pricing for derivatives on the Chicago Mercantile Exchange.

Read more at Investing.com: $24 billion in crypto ETFs rely on Kraken-owned CF Benchmarks