CoinGecko announced that it is launching its own cryptocurrency derivatives section.
In a press release shared with Cointelegraph on Oct. 29, the data aggregator said that its new derivatives section will offer additional stats so users can track more than 100 derivatives products offered by over 20 derivatives exchanges.
CoinGecko’s offering is the first of its kind
According to CoinGecko, this offering is the first to provide “free, unimpeded access to vital aggregated crypto derivatives data”, such as price, interest, funding rates, trading volume and more. CEO of CoinGecko, TM Lee, said:
“This year, we have observed strong growth in the crypto derivatives market. […] We are excited about the potential growth of crypto derivatives and look forward to further democratizing data access as we continue to commit to the maturation of the digital asset space.”
The crypto derivatives markets have indeed seen rapid growth, reaching all-time-highs during the month of September. Derivatives giant BitMEX, for example, passed $9 billion in daily trading volume, as Bitcoin (BTC) took a moonshot of more than 40% in a single day.
Also, institutional BTC trading platform Bakkt experienced a massive jump, trading 1,183 Bitcoin futures contracts (around $11 million) on Oct. 25. Compared to just 331 contracts ($3.1 million) the day before, the increase in just 24 hours was close to 260%, dwarfing previous jumps, which themselves had resulted in all-time highs earlier in October.
CoinGecko joined Coinfirm network
In August, CoinGecko announced that it had joined the network of blockchain analytics and anti-money laundering company Coinfirm in an attempt to improve its exchange Trust Score algorithm, as well as provide users with a means of reporting scams and hacks. CoinGecko apparently intends to make use of the AMLT Token Network alongside Coinfirm’s Analytics and AML Platform in bolstering its ranking system.
