Brad Garlinghouse, chief executive officer of Ripple Labs, has hailed the decision by CME Group to launch the first regulated XRP futures.

In a statement, Garlinghouse said that the launch of Ripple (XRP) and Micro XRP futures was a ‘key milestone’ for his company. 

He also revealed that Hidden Road, the prime brokerage recently acquired by Ripple Labs, cleared the first block at the CME open. The launch of XRP futures gives investors exposure to the price of XRP, while also providing greater transparency and risk management capabilities.

Most importantly, the launch will enable asset management firms to offer exchange-traded funds to track XRP futures. A good example of this is the ProShares Bitcoin Strategy Fund, which has accumulated more than $2 billion in assets.

The futures debut comes amid growing signs of demand for XRP-tracking assets. XRP has received the highest number of altcoin exchange-traded fund filings, with nine firms, among them Franklin Templeton, ProShares, Canary Capital, and Grayscale Investments, seeking approval.. Solana (SOL) comes second with seven applications.

In addition, the newly launched Teucrium 2x Long Daily XRP exchange-traded fund has already amassed more than $106 million in assets. By comparison, the 2x Solana exchange-traded fund, with the ticker symbol SOLT, has collected less than $35 million in assets four months after launch.

The XRP price reacted mildly to the futures launch as it dropped to $2.33, down by 12.25% from its highest point this month. This decline was in line with the ongoing crypto market crash and the fact that the launch was already priced in.