On Oct. 1, 2020, digital asset trading and data startup Brave New Coin (BNC) partnered with BTSE, a multi-currency spot, and futures trading platform.
The BNC/BTSE partnership seeks to launch a DeFi Index made available on BTSE as a perpetual swap contract. Moreover, this index is the first of a series of innovative derivatives products scheduled to go live on BTSE in the next three months.
The DeFi market has seen explosive growth in trading volume over the past year. However, that boom created some unique challenges for crypto exchanges; they often have difficulty keeping up with new DeFi tokens and innovation.
Many exchanges often have to list assets that are brand new, unaudited, and mostly illiquid. This factor causes chaos in the markets in the first few days and weeks of trading while identifying and fixing bugs in smart contracts.
BNC’s DeFi index on the BTSE exchange now introduces a convenient way for market participants to long or short existing developments within the expanding DeFi space.
DeFi Index To Power Perpetual Swaps on BTSE
The newly launched BNC-BTSE index-based product allows speculators to take a position on the entire process of listing a DeFi asset. This way, investors can avoid the dangers of rushing into any single speculative new asset.
Brian Wong, CPO of BTSE noted:
“We aimed to design a solid methodology with sufficient transparency to be replicated and understood, and better longevity than the current DeFi indices that were recently rushed to market by various conflicted exchange operators.”
He added that the new product, which aims to cater to institutional traders, would power perpetual swaps on BTSE; furthermore, it would facilitate creating safe derivative works.
The DeFi index product delivered by BNC will boost BTSE’s expanding ambition to grow its suite of offerings in the DeFi marketplace. As we reported on Sep 7, BTSE introduced the wrapped BTSE token in a move to enable users to participate in DeFi.
Before today’s extended partnership, BNC and BTSE collaborated in 2019 to launch an index that tracks top crypto assets’ real-time market performance. That institutional-grade index product was among the first in the world to track multiple digital assets across numerous pricing sources.
BNC’s Crypto Index Infrastructure Gains Traction
Since its launch in early 2020, multiple crypto firms globally have sought out BNC’s third-generation crypto index infrastructure.
Some notable companies that currently leverage this infrastructure include the BTSE exchange and the Toronto Futures Options and Swaps Exchange.
BNC also provides data and index solutions to a global network of market participants, including Refinitiv, Amazon Alexa, and NASDAQ.
The digital asset data infrastructure firm recently entered into a strategic partnership with LEVERJ to roll out a scalable decentralized derivatives exchange.
Wall Street veterans launched this highly secure derivatives trading platform from J.P. Morgan, Goldman Sachs, and Credit Suisse.