Crypto exchange CrossTower introduces perpetual futures trading

CrossTower Inc, a crypto and digital asset exchange, announced in a release on Thursday the launch of its perpetual futures trading feature. It would be available on CrossTower’s Bermuda digital exchange.

Perpetual futures are derivatives contracts that, unlike traditional futures contracts, are not limited to a predetermined expiration date. 

The exchange announced that the product provides an opportunity for CrossTower’s customer base to take long and/or short positions, consistent with their portfolio and risk objectives.

CrossTowers also announced in a statement that the perpetual futures trading feature is offered to qualified clients on an institutional-grade and  for regulated platforms. In the coming weeks, CrossTower also intends to rollout perpetual futures trading in 20 top-name tokens.

Kapil Rathi, co-founder, and CEO of CrossTower said: “Perpetual futures provides 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. CrossTower is developing cutting edge trading products and we are excited to be at the forefront of innovation.”

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 stands at c. $18 billion and $8 billion, respectively, as per data from Coinglass.

Also Read: Maharashtra's Gadchiroli to issue caste certificates via blockchain platform Polygon

Also Read: Crypto crime: Pune police recovers over Rs 84 cr worth of Bitcoins