OKEx is planning to launch Tether (USDT) futures trading offer while offering a linear futures contract with leverage of up to 100x.
On Oct 29, a press release shared with Cointelegraph, by the world’s fifth-largest crypto exchange stated that the contract will have daily settlement and offers supported pairs with Bitcoin (BTC), EOS, Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP, Ethereum Classic (ETC), Bitcoin SV (BSV) and Tron (TRX).
Stablecoin-based Derivative For Simpler Trading
Stablecoin-based derivative contracts will offer a simpler and more efficient means for traders in navigating the market while calculating risk prevention.
USDT-based derivative, in particular, will reduce the hassle in needing to switch between cryptocurrencies for those who book their profits and losses in USD value.
An indication was made that the exchange platform could roll out further USD-based stablecoin derivatives in providing similar and simplified hedging instruments.
Lennix Lai, Financial Market Director at OKEx, points to the reasons behind the exchange’s choice to offer linear — rather than inverse — futures contracts for USDT:
“Most of the time, users are not willing to hold altcoins as margin, and they also see inverse contracts itself are complicated to understand. We see this linear contract would be an open door to many new retail traders.”
Further Projects of OKEx
On Oct 6. cryptonewspoint reported that OKEx is forming a Self-Regulated Organization (SRO) aimed at standardizing crypto exchange practices and policies. The member exchanges will supposedly ‘collaborate to define and comply with standards promoting digital asset adoption, government and regulator education, and develop metrics and criteria for trading, listings, and reporting.’
Recently, OKEx announced that it is joining Klaytn, a global public blockchain platform developed by Kakao subsidiary, Ground X.
Source: Cointelegraph | Image: Shutterstock