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Crypto-derivatives exchange FTX launches Turkish Lira Futures

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The Futures market in the cryptocurrency industry has flourished over the course of 2019.

While exchanges such as Bitfinex offer digital token Futures known as perpetual contracts only on Bitcoin and Ethereum, Deribit made options trading on BTC and ETH popular over the year.

Now, according to a recent announcement by FTX, a crypto-derivatives exchange, Perpetual Futures on BiLira, a Turkish Lira-pegged stablecoin released back in October 2019, have gone live.

The launch of BiLira Futures suggests a better distribution of its token across fiat-to-crypto platforms, bringing in more investors to the crypto-space.

Binance, one of the largest crypto-exchanges in the industry, was the first to announce developments in this space after it announced a Turkish Lira fiat gateway. Alongside the Turkish Lira, the CZ-backed organization has also added other fiat pairs like the Euro, Nigeria’s NGN, Russian Rubles, KZT and UAH Ukraine, via its fiat-supported platforms.

The exchange also launched its Futures derivatives market back in September, and at press time, Binance had recorded impressive trading volume with respect to its Futures market.

However, the present announcement has solidified FTX’s relatively new start to the Futures market as it became the first derivatives platform to launch BiLira futures.

On the subject, Bobby Ong, Co-Founder of Coingecko, told AMBCrypto,

“One exchange to look out for is FTX. They are launching a lot of innovative products like leveraged tokens, MOVE contracts, Shitcoin Index Perpetuals. These products are not available on the other exchanges yet so it will be interesting to see how they perform and if other exchanges copy them soon.”

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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