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Phemex Launches Gold/USD Pair To Hedge Against BTC's Volatility

Summary: Singapore-based cryptocurrency derivatives exchange Phemex, has 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 ...

Singapore-based cryptocurrency derivatives exchange Phemex, has 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.

Tracy Chen