Dubai, [September 17, 2024] — BIT Exchange, a leading professional cryptocurrency exchange, announced its collaboration with CoinDesk Indices to introduce the CoinDesk 20 Index (CD20) on BIT's Perpetual Contracts trading platform, effective October 1, 2024. BIT is proud to be among the few centralized exchanges offering this innovative product, enhancing trading opportunities for its users. 

Introduction of the CoinDesk 20 Index

Launched in January 2024, the CoinDesk 20 Index addresses the growing demand for diversified exposure to the cryptocurrency market. Designed to track the performance of the top digital assets that collectively represent approximately 90% of the global crypto market capitalization, the CoinDesk 20 Index serves as a broad-based index for traders seeking options beyond bitcoin.

The CoinDesk 20 Index has quickly gained traction, with leading market-making firms and global participants generating an impressive $7.5 billion in perpetual futures volume over the past eight months. This highlights the index's role as a highly liquid and actively traded benchmark in the digital asset space. With automatic rebalancing every quarter, the CoinDesk 20 Index is tailored for scalability, meeting liquidity and exchange-listing requirements.

"The CoinDesk 20 has received global adoption and an unprecedented amount of institutional demand", said Alan Campbell, President of CoinDesk Indices. “We’re thrilled BIT Exchange is launching USDT-Perpetual Futures on the CoinDesk 20 Index, furthering the strong foothold of institutional liquidity and accessibility.” 

Key features of the CoinDesk 20 Index:

• Market Capitalization Weighted: The index applies a 30% cap on the largest constituent and a 20% cap on all other members as of the latest reconstitution. 
• Exclusion of Stablecoins: The index focuses solely on the most dynamic digital assets.
• Frequent Updates: The index is calculated and published every five seconds, ensuring traders have the most up-to-date information.

Strengths of BIT Exchange

BIT is renowned for its innovation and robust trading infrastructure. It distinguishes itself in the competitive cryptocurrency landscape for several key reasons:

• Advanced Risk Management: BIT employs sophisticated risk management tools, ensuring the security of user funds and reducing counterparty risk.
• Unified Margin Trading: Users can leverage their assets more efficiently through BIT's unified margin feature, allowing for greater flexibility in trading strategies.
• Professional Trading Environment: Designed for institutional and professional traders, BIT offers advanced trading tools and features that cater to sophisticated trading needs.
• High Liquidity: BIT’s platform supports a wide range of trading pairs, providing users with the liquidity necessary for seamless trading experiences.
• Robust Security Measures: BIT utilizes state-of-the-art security protocols to protect user assets, including multi-signature wallets and cold storage solutions.

Commitment to Empowering Traders

"Partnering with CoinDesk Indices to launch perpetual futures on the CoinDesk 20 Index represents a pivotal milestone in our ongoing commitment to delivering the most comprehensive trading solutions to our users," said Justin Buitendam, Global Head of Institutional at BIT Exchange. "As one of the few centralized exchanges offering this innovative product, we are proud to provide our traders with enhanced access to diversified investment opportunities in the fast-evolving cryptocurrency landscape."

Availability on BIT’s Platform

In Partnership with the esteemed market makers Eclipton and 432Hz Capital, BIT ensures smooth market operations by facilitating the buying and selling of the perpetual contract. 

Mahesh Kumar, Founder & CEO at Eclipton commented, “As a leading liquidity provider in India and multiple jurisdictions, Eclipton has a strong belief that CD20 Index perpetuals would benefit immensely from hedging and portfolio management. We look forward to working closely with BIT Exchange to have  a meaningful contribution to the liquidity and spread tightness which enables institutions and retail traders to express views through a holistic portfolio in the cryptomarket.”

Luke Kwan, Co-Founder at 432Hz Capital, expressed, "As a market maker in crypto, we continuously seek assets with diversified and promising investment opportunities. Following extensive discussions with the CoinDesk Indices team, we have determined the CD20 is well-aligned with our strategic priorities. We've also fostered a strong partnership with the BIT team and are ready to collaborate on impactful projects across the broader ecosystem.”The CoinDesk 20 Index will be available on BIT’s Perpetual Contracts platform, allowing traders to leverage their investments and engage with one of the most actively traded indices in the cryptocurrency landscape.

For more information about the CoinDesk 20 Index and to start trading, visit bit.com today.

*As of 8/30/2024. The digital asset market is represented by the CoinDesk Market Index (CMI).

About BIT Exchange

BIT is a comprehensive cryptocurrency exchange designed for professional use, featuring advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin. Launched in August 2020 as an affiliate of Matrixport, BIT aims to provide a secure and innovative trading environment for digital asset enthusiasts.

For more information: visit bit.com, follow BIT on LinkedIn, X,  and Telegram, or contact vip@bit.com. 

About CoinDesk Indices

Since 2014, CoinDesk Indices has been at the forefront of the digital asset revolution, empowering investors globally. A portfolio company of the Bullish group, our indices form the foundation of the world's largest digital asset products. Known for their precision and compliance, flagships such as the CoinDesk Bitcoin Price Index (XBX) and the CoinDesk 20 Index set the industry standard for measuring, trading, and investing in digital assets. With tens of billions of dollars in benchmarked assets, CoinDesk Indices is a trusted partner. 

Discover more at coindeskmarkets.com.

About Eclipton 

Eclipton is a comprehensive Web3 platform that offers a range of services including trading, RWA solutions, payment gateways, social media integration, and more. It seamlessly connects Web2 and Web3 ecosystems, providing a user-friendly interface and secure transactions. Our platform leverages cutting-edge AI to offer personalized trading advice and secure management of digital assets.

For more information, visit Eclipton.com 

About 432Hz Capital 

Headquartered in Toronto, 432Hz Capital is a firm specializing in quantitative trading, market-making, and incubator programs. It provides fund products driven by quantitative strategies, liquidity provision solutions, and machine learning-powered order book protection. Additionally, the firm identifies high-potential investment opportunities and fosters blockchain projects through its incubator program. 

For more information, follow 432Hz Capital on X

Disclaimers

BIT Crypto Exchange

The products available to be traded on the BIT Exchange platform include digital currency derivatives contracts. Trading of digital currency derivatives contracts involves significant risk and is NOT suitable for everyone. Before making any trade decision, you should:

(1) make sure you fully understand the worst-case scenarios of that trade; and

(2) take your own independent review on whether the product you intend to trade is suitable for you in light of your own financial situation, investment experience, investment objectives and your willingness and ability to bear risks.

If you have any question about the products available to be traded on the BIT Exchange platform, you should seek professional advice from your financial advisers.

2. You understand that BIT is NOT a broker, agent or financial advisor and has NO fiduciary duty to you in connection with any trade or investment decision you make, whether such trading or investment activities take place on the platform or not. You understand that NOTHING on the website and/or the platform and NO communication from BIT shall constitute our financial advice or trade advice to you. YOU ARE TRADING AT YOUR OWN RISK.

CoinDesk Indices

CoinDesk Indices, Inc. ("CDI") is a portfolio company of the Bullish group. CDI does not sponsor, endorse, sell, promote or manage any investment offered by any third party that seeks to provide an investment return based on the performance of any index. CDI is neither an investment adviser nor a commodity trading advisor and makes no representation regarding the advisability of making an investment linked to any CDI index. CDI does not act as a fiduciary. A decision to invest in any asset linked to a CDI index should not be made in reliance on any of the statements set forth in this document or elsewhere by CDI. All content contained or used in any CDI index (the "Content") is owned by CDI and/or its third-party data providers and licensors, unless stated otherwise by CDI. CDI does not guarantee the accuracy, completeness, timeliness, adequacy, validity or availability of any of the Content. CDI is not responsible for any errors or omissions, regardless of the cause, in the results obtained from the use of any of the Content. CDI does not assume any obligation to update the Content following publication in any form or format. © 2024 CoinDesk Indices, Inc. All rights reserved.