CME Group announced Thursday that it plans to launch XRP futures on May 19, pending regulatory approval.

In its release, the global leader in the derivatives marketplace said that the contracts will be available in two sizes, 2,500 and 50,000 XRP, and aim to expand access to regulated crypto derivatives. The products will be cash-settled based on the CME CF XRP-Dollar Reference Rate, calculated daily at 4:00 pm, London time.

"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 provide a capital-efficient toolset to support clients' investment and hedging strategies," Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group said.