FTX derivatives trading has launched an index of eight popular cryptocurrencies based in China.
Announced in a tweet by Sam Bankman-Fried, CEO of the company, DRGN-PERP (Dragon Perpetual Futures Index) follows a basket of parts including BTM, IOST, NEO, NULS, ONT, QTUM, TRX and VET, based on a weighted average of their respective prices.
FTX also offers traders exposure to coins in the form of perpetual futures based on the index.
Merchants will be able to take advantage of these contracts up to 101 times, said Bankman-Fried at CoinDesk.
The stock exchange – which operates from Antigua and Barbuda – is renowned for providing less orthodox clues, having launched in August the fun title of Shitcoin Perpetual Futures. This offer covers a basket of 58 small-cap crypto-currencies.
The timing of the DRGN-PERP launch would probably not have been better, just days after Chinese President Xi Jinping urged his country to "seize the opportunity" offered by blockchain technology and offer the adoption in a wide range of sectors.
Chinese blockchain and technology companies have seen a surge in interest following Xi's comments, prompting authorities to urge investors to avoid speculation.
Chinese dragon image via Shutterstock