A new crypto derivatives exchange, Globe, is looking to step up to the plate following crackdowns on BitMEX, the growth of decentralized finance (DeFi) and a surge in the price of bitcoin.
â€œWeâ€™re seeing a wave of interest in crypto assets from major banks, fintech companies and portfolio managers,â€ said Pantera partner Paul Veradittakit. â€œGlobe has built the platform and products that these sophisticated market players need and expect.â€
The bells and whistles 100x leverage on DeFi perpetuals, a product built around a prominent crypto volatility index and other features.
â€œGlobe is on a mission to unlock frictionless access to global alpha for everyone,â€ said CEO James West, adding:
Following the regulatory problems seen on existing exchanges, Globe hopes to deliver a safe and fair platform for fresh institutional capital to enter the space, he added.
â€œThe Globe team has been building quietly and we think nowâ€™s the perfect time for them, with incumbents like BitMEX facing new challenges and DeFi catching the attention of sophisticated market players,â€ Panteraâ€™s Franklin Bi said via email.
Silicon Valley accelerator Y Combinator saw success in picking Coinbase as an early bet (among a number of other crypto-sector investments). West is hoping some of that luck rubs off on him.
â€œI guess you could call us Coinbase for derivatives,â€ he said in a press statement.