Perpetual futures, once a niche crypto product, have become one of the fastest growing markets in the industry. Alongside cryptocurrencies like Bitcoin, trading platforms are increasingly listing contracts linked to stocks, commodities and other real-world assets, blurring the line between crypto-native and traditional financial markets.
Led by former Revolut head of crypto Ruslan Fakhrutdinov, Extended had processed more than $245 billion in trading volume as of June and supports more than 100 perpetual markets, according to the company.
The company announced plans to expand into spot trading, real-world tokenized assets, and multi-asset collateral.
“The first phase was building for DeFi natives,” Fakhrutdinov said in a statement. “The next step is to expand the infrastructure and partnerships needed to support the next stage of on-chain derivatives.”
This investment portends a broader race to become what can best be described as the “exchange of everything” or “app of everything” for financial markets. Coinbase (COIN) has expanded into perpetual futures, Robinhood pairs tokenized stocks with event-driven contracts and commodities, and prediction market operator Kalshi recently entered the perpetual futures business.
As trading increasingly moves toward a blockchain environment, the lines separating brokerages, crypto exchanges, and prediction markets are becoming increasingly difficult to distinguish.
“Capital markets are increasingly converging with digital asset infrastructure,” Ouriel Ohayon, chief executive of Zengo, said in a statement. “eToro’s investment in Extended reflects a mutual belief that the future of trading will be digital, accessible and capable of operating 24/7, beyond the traditional trading week.”
