BitMEX, the cryptocurrency exchange and derivative trading platform, has announced today that it will launch futures contracts for four new altcoins. In an announcement made recently, the Seychelles-based digital currency derivatives exchange said that these quanto futures contracts for four altcoins will be backed by the stablecoin Tether (USDT).
The launch of futures for four altcoins
The crypto derivatives exchange is going to launch Tether (USDT) backed ‘underlying quanto futures contracts’ for four new altcoins in the weeks ahead. As per the announcement, these four altcoins are Chainlink’s LINK token, EOS token, Cardano’s native cryptocurrency ADA, and Tezos (XTZ).
While announcing the launch of these four altcoins/USDT quanto futures contracts, the company said in the announcement that out of the total altcoin volume, the trading pairs with the stablecoin Tether (USDT) account for more than 60%. The exchange said:
“In response to demand from our users, these new Altcoin/USDT contracts better reflect the underlying positions many traders are taking on spot markets. USDT pairs account for over 60% of overall Altcoin volume, and with these listings we are providing users with the trading options to better meet their needs.”
Addition of Chainlink (LINK) and Tezos (XTZ)
Two cryptocurrencies are already listed on the trading platform of the BitMEX exchange which include the native digital currency of Cardano ADA and EOS. While the cryptocurrency exchange will add two new altcoins Chainlink’s LINK cryptocurrency as well as Tezos (XTZ) the governance protocol.
In the announcement, the exchange stated that LINK is going to become the first decentralized finance-linked contract that will be available on the platform of BitMEX. The company asserted:
“LINK will be the first DeFi-linked contract available on the BitMEX platform, and together with XTZ, they represent two of the highest market-cap and heavily traded Altcoins, and are a further step in our aim to provide our users the best coverage of liquid, high quality products. We plan to introduce several more Altcoin product listings over the coming months.”
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