(Adds details, ether's price, background)
May 14 (Reuters) - Exchange operator CME Group Inc and digital-currency trading platform Crypto Facilities Ltd on Monday launched a service to provide users access to real-time ether price in dollars.
The reference rate will be based on transactions and order book activity from Kraken and Bitstamp - two major cryptocurrency exchanges, the company said. reut.rs/2Ikeq9l
The rates will be available on CME Group and Crypto Facilities' website from May 14 and will be distributed on CME's market data platform from June 4.
Ether, sometimes known as "Ethereum" after the project behind it, is the second-biggest cryptocurrency after bitcoin. It has a market value of around $70.9 billion as of May 14, according here to Coindesk.
Ether was down 2.89 percent at $713.29 on Monday, as per Coindesk.
Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D'Silva and Arun Koyyur