Malta-based, OKEx, which describes itself as ‘the world’s largest futures cryptocurrency change’, has simply expanded its product providing, to incorporate Tether-Margined Bitcoin Futures. The launch follows a profitable simulation interval, which started on Nov 5.
Benefits Of Utilizing Tether
The brand new BTC/USDT futures product is a digital by-product, quoted and settled in Tether. It has a face worth of 0.0001 BTC, and merchants can lengthy or quick a place, with leverage from 0.01 to 100x. However why commerce with Tether over BTC/USD futures… and even Bakkt’s Bitcoin settled futures?
OKEx lists a number of benefits in its press release. Firstly, as a linear contract, it claims there isn’t any must hedge the margin danger of an inverse contract. Additionally, buying and selling in Tether removes the necessity to swap between fiat and cryptocurrencies, bettering effectivity and decreasing price.
OKEx claims that the buying and selling expertise can also be extra intuitive, making it simpler for customers to grasp. It describes the system as ‘similar to spot trading, with the addition of leverage’.
The Future Of OKEx Futures
Following the profitable simulation interval, OKEx CEO, Jay Hao, stated that he had acquired constructive suggestions from merchants. Nevertheless, he claimed that this was only the start for Tether-backed futures merchandise.
At OKEx, we’ve developed a secure, dependable, and steady surroundings for cryptocurrency buying and selling, and attempt to supply new companies based mostly on our prospects’ pursuits.
Following the addition of the USDT linear futures contract, there are plans so as to add the pairing to OKEx’s perpetual swap market. Different cryptocurrencies, reminiscent of EOS, ETH, LTC, and BCH may even launch on the USDT-margined futures market quickly.
World’s Largest Futures Cryptocurrency Change?
OKEx claimed over $2.4 billion of crypto derivatives was traded in simply 24 hours again in March, leapfrogging BitMEX, and knocking it off the highest spot.
Nevertheless it has additionally confronted accusations that as much as 90% of claimed spot-volume was wash-traded. This even led CEO, Hao, to put up a 100BTC bet, that he may show that at the very least 10.1% of the change’s quantity was actual.
Due to course, 89.9% of quantity being wash-traded could be high quality.
What do you make of the brand new Tether-margined Bitcoin futures? Add your ideas beneath!
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