CloseCross launches new ethereum platform

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CloseCross is opening up derivatives trading for the growing number of online investors and crypto traders globally with the launch of the world’s first Ethereum (blockchain) based multiparty derivatives platform offering traders a chance to generate returns based on their asset price predictions in any direction, including predicting stability of prices.

 CloseCross removes the need to deal with central issuers of derivatives/CFDs and allows hundreds of traders to enter a common smart contract instead of hundreds of individual traditional derivative contracts with a centralised derivatives contracts issuer.  

Unlike other trading platforms, there are no participation fees for using CloseCross, and its patented multiparty model ensures that leverage is not needed to achieve potentially outsized returns. You can participate with as little as USD1 so there is no need for large capital. Users pay facilitation fees, only on their winning trades, giving them significant savings when compared to traditional trading platforms.  

The MIFID-regulated platform reduces costs and complexity enabling traders to use multiparty derivatives to forecast movements on forex, crypto, stocks, commodities, and stock market indices worldwide. Investors can try a demo and subject to appropriateness assessment process, investors can sign-up at www.closecross.com, and trade by selecting an asset class and making a forecast over a time frame of a few hours or over months.  

Vaibhav Kadikar, Founder and CEO of CloseCross, says: “CloseCross enables a level playing field for traders. No longer should 75 per cent or more traders lose money when trading against a centralised derivative/CFD issuer. It’s just unfair. 

“The global market is worth around uSD1200 trillion a year but has always been highly concentrated and exclusive with issues around complexity, difficulty of use, high costs and unquantified risks stemming from leverage and margin call liquidations. All these are absolutely unnecessary.”  

Kadikar adds: “CloseCross is about unprecedented transparency, free access to the crowd wisdom and offering great potential returns without the need for leverage.”  

CloseCross is launching on Ethereum this month and will be moving towards multi-protocol deployments over the coming year. The additional protocols that are currently under consideration include Binance Smart Chain, Solana, Matic/Polygon, SKALE and Moonbeam (Polkadot).  

CloseCross is a non-custodial solution that is bridging the divide between blockchain-native crypto traders and classical asset classes such as stocks, indices, forex and commodities. It will continue to bridge the silos created by traders within specific blockchain environments and enable a multi-protocol reality over the next 12 months. The launch builds on the global expansion of online trading – CloseCross estimates more than 29 million people currently trade online with numbers expected to continue to grow rapidly as more people turn to trading during the Covid-19 pandemic.  

CloseCross’ analysis of industry data suggests that the number of people trading online could have trebled from around 9.6 million in 2017 to over 29 million today.  There could be over 13 million people trading online in Europe alone. Globally it is estimated that more than half (58 per cent) of online traders are under-35.   

CloseCross is regulated under MIFID II rules offering increased protection and transparency for customers. There are no minimum investment levels for traders who can invest through an intuitive three clicks process of selecting an asset, choosing an option or price-bracket and then committing funds.   

The platform includes CloseCross Crowd Wisdom which provides real-time data on the views and investments of other traders enabling investors to make a more informed forecast based on increased transparency. People can choose to follow the crowd or go on their own views. 


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