Bitfinex announced on Wednesday it is now offering Bitcoin Dominance (BTCDOM) Perpetual Swap through its digital asset exchange. Bitfinex claims Bitfinex Derivatives is the first derivatives platform to offer Bitcoin BTCDOM, which enables investors to take a position on the market weighting of the world’s biggest cryptocurrency.
According to Bitfinex, the availability of the BTCDOM perpetual swap on Bitfinex Derivative’s platform provides traders with the capacity to obtain exposure to bitcoin without it being fully directional.
“As a contract that enables holders to speculate on the relative dominance of bitcoin, BTCDOM is more capital efficient and cost effective than an outright long or short futures trade, while also being less volatile.”
Bitfinex further noted that Bitfinex Derivatives understands it is the first derivatives platform to offer the Bitcoin Dominance perpetual swap.
“This product will provide Bitfinex Derivatives’ users with an additional avenue to obtain exposure to the world’s biggest cryptocurrency, and further cements Bitfinex Derivative’s status as the go-to platform for traders deploying highly sophisticated investment strategies.”
The crypto asset exchange then added futures contracts enable traders to buy or sell assets at a specified price and date in the future, providing a means of hedging and offsetting risks, as well as an opportunity to multiply profits. Bitfinex Derivatives platform and products are only available in eligible jurisdictions and are exclusive to verified users.