FTX has listed its Dollar Spot Index perpetual futures, which allow traders to bet on the performance of the US Dollar, reports Cryptonews.
The FTX Dollar Spot Index records the performance of the US Dollar against a basket of four other major global currencies: the Euro, Japanese Yen, Canadian Dollar, and British Pound.
The Index will be calculated using the following formula: 35.7 * EURUSD ^ -0.6 * JPYUSD ^ – 0.2 * CADUSD ^ -0.1 * GBPUSD ^ -0.1.
FTX’s Dollar Spot Index perpetual futures are particularly interesting to traders right now as the US Dollar has reached its highest level since mid-2020 – thanks to tightening monetary policy and interest rate hikes in the USA.
At the same time, other global currencies – such as the British Pound, Japanese Yen, and Euro – have experienced shortfalls due to various economic challenges, including the Russia/Ukraine conflict and resulting energy crisis.
This announcement is the latest in a series of high-profile moves made by FTX, including the recent acquisition of R25 billion worth of Voyager Digital assets.
It is therefore clear that FTX is looking to make major moves to grow its platform and provide more value to its investors.
This move is making inroads into the Forex market and Forex Traders will be happy to know about this new development.
About FTX
FTX is a Bahamian cryptocurrency exchange that specialises in derivatives and leveraged products.
It was founded in 2019 by Sam Bankman-Fried and Gary Wang with the goal of creating a cryptocurrency exchange that is by traders and for traders.
It has quickly become one of the world’s leading assets platforms and as of February 2022 had reached over one million users.
You can find more information about the FTX Dollar Spot Index here.
Click here to begin investing with FTX.
