Okex expands its product offering by starting to include Tether-margined Bitcoin futures and the launch comes after the successful simulation period that started at the beginning of the month as we read in the blockchain news before.
The malta-based OKEx describes itself as ‘’the world’s largest futures crypto exchange’ and now the BTC/USDT futures product represents a virtual derivative that is settled in Tether. It has a value of 0.0001 BTC and all of the traders can long or short position with a leverage of 0.01 and 100x. however, the question remains why trade with Tether and BTC/USD futures or at all use Bakkt’s Bitcoin settled futures?
OKEx expands its number of advantages as well in a press release. The linear contract shows that there is no need to hedge the margin risk of an inverse contract but the Tether altcoin removes the need to change between fiat and crypto thus improving efficiency and reducing cost. OKEx claims that the trading experience is also much more intuitive and makes it much easier for the users to learn about it. The system is described as ‘similar to spot trading, with the addition of leverage.’ Following the successful simulation period, the CEO Of OKEx Jay Hao stated that he has seen some positive feedback from the traders. However, he claims that this was only the beginning of Tether-backed futures products:
‘’At OKEx, we’ve developed a safe, reliable, and stable environment for cryptocurrency trading, and strive to offer new services based on our customers’ interests.’’
After the addition of the USDT linear futures contract, there are a few other plans to add the pairing to the OKEx perpetual swap market and some of the other cryptocurrencies such as ETH, LTC, BCH, and EOS will be launched on the USDT-margined futures market soon. OKEx claimed more than $2.4 billion of crypto derivatives and traded in less than 24 hours back in March surpassing BitMEX and kicked it off the top spot. However, it has also faced accusations that up to 90 percent of claimed spot-volume which was wash-traded.
The CEO HAO put up a 100BTC bet that he can prove that about 10 percent of the exchange’s volume was real.
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