FTX Derivatives Exchange Rolls Out Futures On Index of 8 Popular Chinese Cryptos

FTX debuts the Dragon Perpetual Futures Index (DRGN-PERP) to track a basket of eight different China-based crypto assets including TRX, NEO, VET, NULS, QTUM, ONT, BTM and IOST.

Derivatives exchange FTX has announced the launching of an index of 8 common Chinese-based cryptos, CoinDesk reports.

The announcement was made by the company’s CEO Sam Bankman-Fried on Tuesday through a tweet. The Dragon Perpetual Futures Index (DRGN-PERP) will track some of the most popular coins comprising of BTM, IOST, NEO, NULS, ONT, QTUM, TRX, and VET and will be on the basis of their weighted average of their market prices.

The company is also exposing traders to the coins based on the index for perpetual futures contracts. According to the CEO traders will be offered a chance to leverage such contracts more than times.

The Antigua and Barbuda based exchange, is known for offering less familiar indices after they launched the Shitcoin Perpetual Futures Index a few months ago. The offering covers about 58 low market cap coins.

Amazingly, the timing of the launching of DRGN-PERP somes just days after the Chinese President Xi Jinping told his country to take advantage of the blockchain technology and use it in various sectors within the economy.

Xi’s comments led to a sudden surge in tech stocks and blockchain in China, resulting in the government authorities to caution investors against speculative behaviors.

Bankman-Fried also explained that the support of the blockchain industry had led to prices of various cryptos developed in the country to surge and enhancing massive user interest in Chinese based crypto projects.

In the past, Chinese officials have been cracking down on cryptocurrency based projects going to an extent of banning different exchanges from operating in the country. The crackdown has led to different crypto exchanges fleeing the country to more crypto-friendly nations and consequently reducing user interest in cryptos.

However, the Chinese government seems to have softened its harsh stand on cryptos after reports were released on central bank’s development of a digital currency.

Although its still early to predict whether Xi’s comments will have any major impact in the Chinese crypto industry, such bold moves like the DRGN-PERP, suggest there could be some positives to write home about.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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