FTX Launches Index of 8 Popular China-Related Cryptocurrencies

Derivatives exchange FTX has released an index of eight well known China-related digital currencies.

Revealed in a tweet by the company’s CEO Sam Bankman-Fried on October 29, the Dragon Perpetual Futures Index (DRGN-PERP) tracks a basket of coins including BTM, NEO, IOST, NULS, ONT, TRX, QTUM, and VET, in light of a weighted average of their separate costs.

FTX is additionally offering traders exposure to the coins in the form of perpetual futures contracts based on the index.

Traders will have the option to use leverage of up to 101 times to these contracts, Bankman-Fried said.

While generally known in China, the nation doesn’t allow cryptocurrency trading, with the entirety of the advertisers of this coin presently working from friendlier shores since the decision in 2017.

The exchange – which works out of Antigua and Barbuda – has a past filled with giving less orthodox indices, having introduced the amusingly titled Shitcoin Perpetual Futures Index in August. That offering includes a basket of 58 low-market cap digital currencies.

The planning of the DRGN-PERP launch most likely couldn’t have been better, coming days after Chinese President Xi Jinping encouraged his nation to “seize the opportunity” afforded by blockchain innovation and suggested adoption over a wide scope of sectors.

Chinese blockchain and tech stocks saw a massive spike in enthusiasm after Xi’s remarks, provoking officials to encourage investors to keep away from speculative behavior.