Popular crypto derivatives exchange BitMEX has been making quite a few developments lately and has recently announced the launch of four new Quanto futures contracts for Chainlink (LINK), Tezos (XTZ), EOS (EOS), and Cardano (ADA), all of which are paired with the popular stablecoin Tether (USDT).
These new additions are a move to meet growing public demand as both LINK and XTZ have posted triple-digit year-to-date returns, in addition to the new contracts for EOS and Cardano (ADA), two coins that were already traded in futures markets on BitMEX.
The main reason why futures products have gained a lot of popularity is that investors can bet on both the rise and decline of crypto prices without actually holding the asset like that spot trading, thus reducing the risks associated with storing cryptocurrencies.
The announcement added that trading against a stablecoin would better reflect the underlying positions that traders are taking on the spot market on other exchanges, highlighting that Tether pairs account for over 60% of the overall altcoin volumes, compared to a BTC or ETH trading pair.
According to the company’s press release:
“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.”
While XTZ, EOS, and ADA were already tradable on the exchange, customers will now be able to speculate on the value of these coins with the help of USDT-underlying contracts.
The Seychelles-based trading platform seems to be quite conservative when listing new tokens as LINK is the first token that has been listed since the TRON/BTC futures market announced back in 2018.
The exchange had also removed six altcoin futures markets namely DASH, ETC, NEO, XMR, XLM, and ZEC just months before that listing.
As of now, the new update is due at 04:00 UTC on September 4, 2020.
The new announcement comes days after BitMEX launched its first mobile application to make it easier for its customers to access all the features of the platform on their mobile phones.
The app can is available for both Android and ios powered devices and can be downloaded from their respective app stores in 140 countries.