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FTX Launches Futures on Index of 8 China Cryptos Amid Xi Blockchain Pump
Derivatives exchange FTX has launched an index of eight popular Chinese cryptocurrencies, as well as futures offering exposure to the basket.
Updated Sep 13, 2021, 11:38 a.m. Published Oct 29, 2019, 3:30 p.m.
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.
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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 low-market cap cryptocurrencies.
The timing of the DRGN-PERP launch probably couldn't have been better, coming days after Chinese President Xi Jinping urged his country to “seize the opportunity” afforded by blockchain technology and proposed adoption across a wide range of sectors.
Chinese blockchain and tech stocks saw a massive spike in interest after Xi's comments, prompting authorities to urge investors to avoid speculative behavior.
"China recently voiced support for the blockchain industry, causing a bunch of cryptocurrencies developed there to skyrocket in price and driving intense user interest in Chinese cryptocurrency projects," Bankman-Fried said.
Chinese dragon image via Shutterstock
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