The undertaking has the backing of traders equivalent to Tim Draper and ex-PayPal, David Marcus.
It seeks to place bitcoin as a worldwide unit of account, past its function as a retailer of worth.
This Monday, October 20, Roxom, the inventory change that makes use of bitcoin (BTC) as its native foreign money and unit of account, was formally launched worldwide.
The platform, co-founded by Argentines Borja Martel Seward and Nicholas Damico, permits for the primary time to commerce perpetual futures of conventional belongings such because the S&P 500 index and gold, settled straight in bitcoin and with out the necessity to use fiat currencies.
On this first stage, Roxom provides perpetual derivatives on the S&P 500 and Nasdaq-100 indices, in addition to commodities equivalent to gold and WTI oil. This permits traders to take lengthy (purchase) or quick (promote) positions in these markets utilizing solely their bitcoin holdings.
“By introducing Bitcoin-denominated benchmarks, we’re making a impartial, clear and world customary,” said Borja Martel Seward, co-founder of the corporate.
The launch materializes the proposal that CriptoNoticias reported in July 2024, when the undertaking was introduced with the assist of traders equivalent to Tim Draper and David Marcus. Roxom’s mission is to construct the monetary structure that connects bitcoin to conventional finance, in a 24/7 working market.
From the attitude of its creators, the event of a capital market denominated in bitcoin is the subsequent step within the evolution of the digital asset, going from a retailer of worth to an institutional unit of account.
The primary milestone of the platform is to facilitate the stream of capital between totally different asset courses with out the friction and intermediation of government-issued currencies.
