Hxro, a gamified crypto trading platform, today announced it has partnered with cryptocurrency derivatives exchange FTX to launch TixWix, the first trading product that allows users to play live odds on the crypto market. The simplified and engaging format of TixWix is designed to open up crypto trading to a larger global audience through a powerful new user experience.
“FTX’s motto is “by traders, for traders,” said Sam Bankman-Fried, CEO and Founder of FTX. “Part of that means constantly finding new ways to make trading more fun and interactive, and giving users better ways to express their market beliefs.”
Dan Gunsberg, CEO and Co-Founder of Hxro added, “Traders need simple, fast, and intuitive ways to interact with crypto markets. They also demand deep liquidity, fairness, and trust. All of these elements are essential to capturing real mass adoption beyond the current crypto user base. TixWix encapsulates all of this with an added element of user experience not yet seen by the market.”
TixWix markets reduce the complexities of crypto options by letting traders take positions based on live market odds. For example, global markets are pricing in a 33% chance that Bitcoin will finish the year above $15,000 following its recent rally. If a trader believes BTC will close above $15,000 by year-end, they can now take a BTC TIX position that will pay out 3x odds if correct. Traders are also able to take positions that payout if the contract fails to close above the target price. Positions may be taken on whether or not the market closes (TIX) or touches (WIX) above or below the target price and all positions can be actively traded prior to the expiration date. Trades can be made for as little as $1.00 through a simple and intuitive UI, creating a low barrier to entry for the global retail trading market.
TixWix is jointly developed by Hxro and FTX. It will combine the front-end experiential and user-focused product of Hxro with FTX liquidity and backend technology that securely processes over a billion dollars of trading volume per day. The product will be available to users in Asia-Pacific, EMEA, Oceania, and LatAm regions.
“Investors and traders face tough decisions in the market every day,” said Rob Levy, President, and Co-Founder of Hxro. “The most successful traders build algorithms to best estimate the probabilities of where prices will be in the future, so they can buy and sell with greater profitability. That future could be less than one second away or one year away.”
He added, “The odds of Bitcoin closing the year above $15,000, or trading below $10,000 by Christmas, are based on the real-time prices in the Bitcoin spot markets, futures markets, and options markets across the globe. The markets are always moving and probabilities are constantly changing. Now, with TixWix contracts, users outside of the U.S. can analyze – and actually play – the live market odds to express their views on crypto prices in a powerful new format.”