CrossTower launches perpetual futures trading
With record trading volume growing more than 600 per cent from the year before and more than 100 per cent from the prior quarter, CrossTower Inc, the crypto and digital asset exchange, has announced the launch of perpetual futures trading 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 product provides an opportunity, the company said, 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 said, it intends to roll out 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 company said the crypto futures market has seen immense growth in the past 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, CrossTower said.
Last month, open interest in Bitcoin and Ether perpetual futures stood at about $18 billion and $8 billion, respectively, CrossTower said, citing as its source Coinglass, the crypto currency futures trading and information platform.
By expanding its suite of existing products with the addition of a perpetual futures trading capability, CrossTower said, it 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.
CrossTower said it offers a low-cost trading model with superior execution based on its unrivalled capital markets expertise and track record.
The company said it posted record trading volume in Q4 2021, with volume growing more than 600 per cent from the year ago period and more than 100 per cent from the prior quarter.
Founded in 2019, CrossTower has offices in the US, Bermuda and India.