Globe Derivative Exchange Raises $3 Million
Last updated on November 1st, 2022 at 01:57 am
Major players from various sectors of the economy have not only begun to build into the DeFi space, but many have invested large portions of their warchests as a hedge to the ever eroding U.S. dollar.
One of such company is cryptocurrency derivative exchange Globe.
Globe said yesterday it $3 Million in funding with the likes of billionaire Tim Draper, venture capital firm Y Combinator and blockchain investment fund Pantera in participation. This rush to put money in the blockchain space is a trend which has been picking up momentum throughout 2020.
Paul Veradittakit, Pantera’s partner, said there is an influx of interest from major companies for crypto assets.
“We’re seeing a wave of interest in crypto assets from major banks, fintech companies, and portfolio managers,” he said.
Veradittakit made this statement while pointing out that Globe is designing the products and platform needed, and expected, by these sophisticated market players.
Some of the biggest names in blockchain are offering their support to Globe, which could usher in the next uptrend in market, driven by institutional investors.
Creating a Platform For Institutional Investors
The Globe platform wants to lure institutional investors into the cryptocurrency market, as it has been touted that these investors could be the driving force in the market in many years to come.
Globe has developed Thor, which it sees as its own risk engine. According to Globe, Thor was designed by top engineers from major financial services such as Getso, UBS, Citibank, BofA Securities and JPMorgan Chase.
The numbers of crypto derivatives traders have increased tremendously this year. Top crypto exchanges like Okex, HuobiDM and BitMEX have witnessed a massive leap in the number of trading volumes. This is one of the metrics that show the level the market has evolved over the past three years.
Crypto exchange Kraken reported recently that derivatives are now about 5 times the size of spot volumes and it’s expended to widen in the future. Kraken also reported that one of the main attractions of the derivatives platform is the use of leverage.
Globe’s Platform Creation
Globe, on its official website, claims to provide 100:1 leverage for traders. The 100x leverage on the Globe platform is quite attractive, as it is designed around a crypto volatility index and other features.
Chief Executive Officer James West said “Globe is on a mission to unlock frictionless access to global alpha for everyone.”
He further stated that the exchange intends to build solid infrastructures to solve the overload issues many traders have suffered. It intends to raise the integrity standards in the industry and encourage more participation from the mainstream, just as been seen in the past few months.
With regulatory issues rocking some exchanges, Globe has promised to provide a safe and fair exchange platform to allow new institutional investors to enter the crypto space.
The information provided here is for INFORMATIONAL & EDUCATIONAL PURPOSES ONLY!
View our complete disclaimer on our Disclaimer Page