FTX Launches Futures on Index of 8 China Cryptos Amid Xi Blockchain Pump
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.
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. “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.
