Crypto exchange CrossTower on Thursday (April 14, 2022) announced the launch of perpetual futures trading.
Crypto exchange CrossTower on Thursday (April 14, 2022) announced the launch of perpetual futures trading. This is now available on CrossTower’s Bermuda digital exchange, a statement from the company said.
It further said that perpetual futures trading is offered to qualified clients on an institutional grade and regulated platform through CrossTower Global Pro platform. In the coming weeks, CrossTower intends to rollout perpetual futures trading in 20 top tokens.
Perpetual futures are derivatives contracts that, unlike traditional futures contracts, are not limited to a predetermined expiration date. The statement said 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.
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Commenting on the announcement, 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.
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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, according to Coinglass, a crypto futures trading & information platform.