BitMEX is making headlines following the latest announcement that the crypto exchange dropped.
A new way to bet on the altcoins
BitMEX is rolling out quanto futures contracts for crypto assets EOS (EOS), Chainlink (LINK), Tezos (XTZ), and Cardano (ADA) in order to give traders a new way to bet on the altcoins.
As expected, the Cardano community, along with the other crypto enthusiasts, received the news with excitement.
In a blog post that was published on Friday, BitMEX revealed that it is launching the new contracts in response to user demand.
“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,” according to the notes.
The blog post continues and reveals that “LINK will be the first DeFi-linked [decentralized finance] contract available on the BitMEX platform, and together with XTZ, they represent two of the highest market-cap and heavily traded altcoins.”
It’s been also revealed that the contracts price EOS, LINK, XTZ, and ADA against USDT (Tether), they will be settled in Bitcoin (BTC).
“As with all quanto products, they have a fixed Bitcoin multiplier regardless of the underlying Altcoin price. This allows traders to long or short each coin without needing to hold the specific coin or USDT. Traders post margin in XBT [Bitcoin], and earn or lose XBT as the future’s price changes,” according to the notes.
BitMEX has been working really hard to expand its futures options offerings. Back in April, the firm rolled out the ETH futures contracts with 50x leverage.
Head over to the official notes of the blog post and check out more data about these plans that BitMEX has going on.