Cryptocurrency Derivatives Series: Spotlight on FTX’s fundraising and new product launch

A renowned crypto derivatives platform, FTX on Tuesday has announced that it raised $8 million in its seed funding round.

Very recently, FTX has also unveiled a brand new product which happens to be a speculative index fund called ‘SHIT-PERP’ (Shitcoin Index Perpetual Futures).

The company has come up with this idea of the index that comprises approximately about 58 altcoins which are having adverse image among the crypto avenues. 

SHIT-PERP will join MID-PERP and ALT-PERP, two other low-cap indexes which are present in the site.

SHIT-PERP has a series of projects which doesn’t have much of the reputation, on the flip side, quite a few projects are quite reputed such as Grin, Waves, and Nano.

They are originally incubated amid the Alameda Research program, the platform provides a wide range of services such as, over the counter (OTC) facilities, futures, options for selective margin trading and spot trading as well. Alameda, which was built, back in 2017, with $100 million USD AUM.

The reputed crypto start-up allured the predominant investors in the crypto-industry including venture capital Proof-of-Capital, Consensus Lab, crypto asset management firm FBG, and Galois Capital, a crypto hedge fund.

Amid such latest developments, over a recent time period, it becomes exceedingly clear as to how volatile cryptocurrencies have been as of late, as one can observe Bitcoin’s bounce back from the bottoms of $3,122 to the recent highs of $13.8k levels. Thereafter, it has been oscillating between $9k - $13k areas, the pair recently dropped to the lows of $9,100 last week before surging back to $12,325 levels.