RATE Group | Ethereum [ETH] turned on its head? Derivative token with inverse pegging to be launched …
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Ethereum [ETH] turned on its head? Derivative token with inverse pegging to be launched …

07 Aug Ethereum [ETH] turned on its head? Derivative token with inverse pegging to be launched …

Posted at 02:49h in Ethereum News by

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A new way has emerged for Ethereum [ETH] traders to diversify their portfolio. A decentralized financial derivatives startup known as dYdX plans to create short and leverage positions for Ether and other ERC20 tokens. Notably, the startup recently closed a funding round led by the market leader in investments, Andreessen Horowitz.

Other prominent investors for the round were Polychain Capital, Kindred, Abstract and angel investors such as Brian Armstrong, the CEO of exchange platform Coinbase, and Elad Gil, a prominent investor.

The founder of dYdX, Antonio Juliano, stated:

“The main use for cryptocurrency so far has been trading and speculation, buying and holding. That’s not how sophisticated financial institutions trade.”

He went on to speak about derivatives markets in general, and how they are bigger than the underlying spot markets by an order of magnitude. He said:

“The cryptocurrency market is probably on the order of $5 billion to $10 billion in…

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