Derivatives trading giant CME Group opened trading of event contracts on bitcoin futures on Monday.

The new product will add to the firm's existing suite of 10 event contracts tied to its benchmark futures markets, it said in a statement. It will also "provide a limited-risk, highly transparent way for a wide range of investors to access the bitcoin market via a fully regulated exchange," according to Tim McCourt, Global Head of Equity and FX Products at CME Group. 

These types of contracts offer payouts based on specific events and are also known as prediction contracts or information contracts, according to the University of Nebraska-Lincoln. They are short-term, meaning they expire daily, and are settled in cash.

"In addition, these new contracts will offer an innovative, lower-cost way for investors to trade their views on the up or down price moves of bitcoin," McCourt also said.

The firm recently broke the record for volume and open interest for bitcoin options, which hit $1.1 billion in January.

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