The crypto derivatives exchange giant BitMEX announced the launch of ‘quanto futures’ for four crypto coins; EOS (EOS), Chainlink (LINK), Tezos (XTZ), and Cardano (ADA). This comes after the crypto exchange’s recent move that requires users to sign up for a mandatory ID verification procedure’. In an announcement, the Seychelles-based futures exchange said that it plans to launch ‘four new Altcoin/USDT underlying quanto futures contracts.’ The crypto exchange will also provide quanto futures contracts for ADA and EOS.
“This is a response to demands from existing users.”
The crypto derivatives exchange giant revealed in its announcement that adding those four coins is a response to demands from existing users. The announcement read, “these new Altcoin/USDT contracts better reflect many traders’ underlying positions on spot markets. “USDT pairs account for over 60% of overall Altcoin volume, and with these listings we are providing users with the trading option to meet their needs better,” it added. The crypto derivatives exchange giant said that they acknowledge the DeFi craze that has gripped the cryptocurrency market left, right and center. Hence, the LINK/USDT pair will now be available to traders as a part of the altcoin Quanto futures offering.
We’re launching EOS Token (EOS), Chainlink (LINK), Tezos (XTZ) and Cardano (ADA) underlying quanto futures contracts. Further details here: https://t.co/3b5aZgj9Kb
— BitMEX (@BitMEX) September 4, 2020
Quanto Altcoin Contracts Have A Fixed Bitcoin Multiplier.
The crypto derivatives exchange giant BitMEX said that, by default, all Quanto altcoin futures offerings have a fixed Bitcoin multiplier. This enables traders to operate without holding the particular crypto coin (or for that matter, USDT) that they are trading. As a consequence, all margins are posted in XBT (BitMEX’s Bitcoin futures ticker), and traders’ earn or lose XBT as the pairing’s exchange rate changes’. The crypto exchange giant also revealed earlier that it is also rolling out its first mobile application. The application will be available in more than 140 countries to start.