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NEW DELHI: CrossTower Inc, a crypto and digital asset exchanges, has announce the launch of perpetual futures trading, available on its Bermuda digital exchange.
Perpetual futures are derivatives contracts that, unlike traditional futures contracts, are not limited to a predetermined expiration date.
As per the company, the product provides an opportunity for CrossTower’s growing customer base to take long and/or short positions, consistent with their portfolio and risk objectives.
Available through the CrossTower Global Pro platform, perpetual futures trading is offered to qualified clients on an institutional grade and regulated platform. In the coming weeks, CrossTower intends to rollout perpetual futures trading in 20 top name tokens.
Kapil Rathi, co-founder and CEO of CrossTower, said, “Perpetual futures provide investors critical tools that can facilitate and shape their investment objectives. The advantages of perpetual futures trading are truly compelling for portfolio construction and we are thrilled to be contributing to the maturation of the digital asset ecosystem."
The crypto futures market has seen immense growth in the last couple of years driven by both retail and institutional demand.
Bitcoin perpetual futures, seen as a barometer for demand for crypto derivatives, hit record open interest in 2021, with average volumes of approximately $62 billion per day globally throughout last year.
In March 2022, open interest in bitcoin and ether perpetual futures stood at $18 billion and $8 billion, respectively, as per Coinglass.
“By expanding its suite of existing market-leading products with the addition of a perpetual futures trading capability, CrossTower is breaking down barriers to investors of all types, allowing them to reap the considerable benefits of crypto assets through a single institution-grade, reliable platform backed by advanced technology," the company said in a release.
CrossTower posted record trading volume in Q4 2021, with volume growing over 600% year-on-year, and more than 100% sequentially.