Crypto exchange FTX is expanding its remit into the world of foreign exchange derivatives trading, listing a perpetual future tied to a U.S. dollar spot index, the company said Monday.
While crypto markets have been stuck in the doldrums, foreign exchange traders have recently enjoyed a bout of volatility. The U.S. dollar, for its role, is hovering near all-time highs, while the pound sterling has gyrated amid the chaotic rollout of U.K. Prime Minister Liz Truss’s economic programme. Turbulence has also hit the Japanese yen and the euro.
As Bloomberg reported, Deutsche Bank’s FX Volatility Indicator has surged in recent weeks.
As for FTX’s new perpetual contract, it will be based on the so-called FTX Dollar Spot Index. It is designed to “track the performance of a basket of 4 leading global currencies versus the U.S. Dollar: the euro, Japanese yen, Canadian dollar, and British pound.”
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