RATE Group | FTX Launches Futures on Index of 8 China Cryptos Amid Xi Blockchain Pump
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FTX Launches Futures on Index of 8 China Cryptos Amid Xi Blockchain Pump

30 Oct FTX Launches Futures on Index of 8 China Cryptos Amid Xi Blockchain Pump

Posted at 06:20h in Cryptocurrency News by

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Derivatives exchange FTX has launched an index of eight popular China-related cryptocurrencies.

Announced in a tweet by the firm’s CEO Sam Bankman-Fried Tuesday, the Dragon Perpetual Futures Index (DRGN-PERP) tracks a basket of coins including BTM, IOST, NEO, NULS, ONT, QTUM, TRX, and VET, based on a weighted average of their respective prices.

FTX is also offering traders exposure to the coins in the form of perpetual futures contracts based on the index.

Traders will be able to leverage these contracts up to 101 times, Bankman-Fried told CoinDesk.

While widely known within China, the country does not permit crytpocurrency trading, with all of the promoters of this coin now operating from friendlier shores since the ruling in 2017.

The exchange – which operates out of Antigua and Barbuda – has a history of providing less orthodox indices, having launched the amusingly titled Shitcoin Perpetual Futures Index in August. That offering covers a basket of 58…

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