Synthetix platform uses cryptocurrency to ‘get exposure to different assets’

Synthetix founder Kain Warwick says he has created a derivatives market for cryptocurrency.

This would provide more leverage for crypto traders but comes with more risk and the chance of short selling stock.

Mr Warwick said Synthetix allows users to “get exposure via crypto to a range of different assets” such as precious metals or Bitcoin by using the Ethereum blockchain.

He said users with an Ethereum wallet would be able to access exchanges and convert their cryptocurrency into “synthetic gold”.

“Then that synthetic gold token tracks the price of an ounce of gold over time,” he said.

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