Singapore – 17 March 2020 – Singapore-based cryptocurrency derivatives exchange Phemex, has today unveiled its latest product: a proprietary perpetual contract pegged on gold and settled in nominal USD.
Each contract is worth 0.001 troy ounces of gold, and its price is determined by the combination of several indexes: 1Forge.com (40%), GoldPrice.com (20%), itBit.com (15%), Bitfinex.com (15%), and Kraken.com (10%).
This index is updated and published every second. If any of the sources disconnects, it will be temporarily removed from the calculation until a connection can be re-established. The weight of the disconnected source will be proportionally reallocated among the remaining sources.
While various crypto exchange platforms have shown an increased interest in the derivatives market, the Phemex powered derivatives platform is one of a kind, as it is designed to be the world’s most trustworthy with a fully transparent, fair pricing mechanism matched with unrivaled speed and the fastest matching engine available.
Phemex’s CEO Jack Tao commented; “This is just the beginning for non-crypto assets on the Phemex platform, the roadmap for 2020 includes stock indexes, interest rates, FOREX, commodities, other metals, and energy resources.”