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Crypto Derivative Platform FTX Introduces Alternative to Short Alts

CoinDesk reports that new crypto derivatives platform FTX has launched one of the most abstract and strangely-named futures index fund in the cryptocurrency market.

The index, dubbed Shitcoin Index Perpetual Futures or SHIT-PERP, is a 58 low market cap coins index. It is flanked by other low-cap indices ALT-PERP and MID-PERP and includes projects such as Grin, Nano, and Waves.

FTX’s Connection with Alameda Research

The derivative platform was opened in spring after an incubation program under Alameda Research began. The FTX derivatives platform operates an over the counter desk, indexes, and futures, as well as spot trading. The Antigua- and Barbuda-based platform has been adding margin and spot trading progressively.

According to FTX statements, the connection of FXT to Alameda Research offers it profound liquidity. Alameda Research was founded in 2017, and so far it manages more than $100 million in crypto assets that on a daily basis trade between $600 million and $1.5 billion. It operates one of the best performing accounts on BiotMEX, having helped onboard staff from Google (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Optiver, Jane Street, and Susquehanna to FTX.

>> Tezos (XTZ) Outperforms Altcoins: Soars Over 40% This Week

FTX Index Allows Varied Coin Interactions

Despite having an odd name, the index stands by its product that was introduced sometime in June. While speaking to CoinDesk, Darren Wong, the Chief Marketing Officer of FTX, stated that the index enables investors and traders to have interactions with coins in various innovative ways.

Wong said that if a trader or investor is looking for exposure to a specific initial coin offering that is not in the general industry, they can short SHIT-PERP. This means by the trader shorting the alt market, they potentially hedge their bets and minimize their downside. Equally, if one is looking to short low market altcoins, then they can make use of SHIT-PERP because it is one way of shorting low-cap markets.

Featured image: DepositPhotos © lucadp

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crypto exchange

Blockchain Commences High-Speed Crypto Exchange The PIT

When it comes to big markets in which buyers and sellers trade throughout the day, the existence of large exchanges offering ample liquidity is necessary. Over the course of the past few years, plenty of crypto exchanges have been launched all over the world, and nowadays crypto traders have a wealth of choice when it comes to choosing an exchange.

Boost for Crypto Traders

However, there is better news for crypto traders as there is going to be another exchange on the block soon, which aspires to challenge the biggest crypto exchange in the world, Coinbase. The exchange in question is being launched by Blockchain, which has made its name as a cryptocurrency wallet platform and is currently the biggest such platform in the world.

At this point in time, Binance and Coinbase are the world’s most popular and biggest crypto exchanges; however, Blockchain’s new product could be superior, if its CEO is to be believed. The exchange in question is as The PIT, and it has been developed in collaboration with experts who had earlier worked at Goldman Sachs (NYSE:GS), New York Stock Exchange, Google (NASDAQ:GOOGL), and Ameritrade. Hence, it goes without saying that the expertise is there to create a world-class crypto exchange. The Chief Executive Officer of Blockchain, Peter Smith, stated that The PIT can process orders in 40 to 50 microseconds and that makes it faster than other crypto exchanges.

>> Kraken Implements New Funding Options for 5 Fiat Currencies

In addition to that, the head of trading products at the company, Nicole Sherod, further stated the reasons why The PIT could end up being a game-changing crypto exchange. She said that the sort of liquidity on offer in the exchange is going to be much better than other exchanges and that is definitely going to be one of the factors that would lure crypto traders. At the end of the day, crypto is well known for its volatility, and high liquidity could definitely minimize the risks.

What do you think about the upcoming PIT exchange?

Featured image: DepositPhotos © nils.ackermann.gmail.com

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