BitMEX supports Cardano and Chainlink in its first listing on the platform since ethereum and in our chainlink crypto news today we find out why.
Similarly to coinbase during its first years in existence, BitMEX has been slow with crypto assets and pairs listing. The company stuck to its goals which were only the BTC perpetual futures contracts which succeeded so that makes sense on why a movement was slow on the listing approvals. But this is starting to change as BitMEX supports Cardano and Chainlink after many requests from the community, with pairs being promoted by many in the crypto industry.
The leading crypto derivatives exchange will add the new altcoin/USDT Quanto futures contracts that will allow traders to gain exposure to cryptocurrencies with Bitcoin, as per the announcement:
“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, and earn or lose XBT as the future’s price changes.
These contracts combine the Quanto feature of our perpetual swap products with the expiry and settlement found in traditional futures. As with every BitMEX Altcoin future, they expire quarterly.”
The four contracts will be for Tezos, Cardano, Chainlink, and EOS which are in the top 15 by market capitalization. BitMex is adding these pairs in order to provide users with trading products that they will see an increase in demand for:
“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.”
The company aims to add more altcoin contracts in the near future so it is important to note that Arthur Hayes, the CEO of the exchange was increasing his personal exposure to altcoins as Defi took off. The latest news comes after the exchange announced that it will be moving towards applying KYC procedures for all of the platforms’ clients. The company even revealed that all customers will have to submit an ID in the next six months and to be able to create a trusted trading environment for all BitMEX users.
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