The platform for trading cryptocurrency derivatives KuMEX, owned by the KuCoin cryptocurrency exchange, plans tolaunch monthly bitcoin futures contracts within “a few weeks”.
Founder and CEO of KuCoin MichaelMichael Gan announced this at the Blockchain Life 2019 forum in Moscow, according to a press release sent to the media. IDG Capital-backed KuCoin launched KuMEX in July. Today, the site offers a perpetual contract for Bitcoin (XBTUSDM), quoted in US dollars with leverage up to 20x.
Gan said on the forum that the current lowThe spread of derivatives in the cryptocurrency industry is explained by the fact that large exchanges such as OKEx and Huobi often set certain investment thresholds. For example, the minimum cost of a Bitcoin contract at both sites is $ 100.
According to Gan, to increase retail participationinvestors, it is necessary to reduce the investment threshold, and therefore the price of the XBTUSDM contract on KuMEX is $1. The KuMEX platform currently supports English, Chinese and Russian. Gan said the platform will add support for Vietnamese and Turkish later this year.
Cryptocurrency futures offer more and morecompanies. CME Group recently reported that Bitcoin futures were gaining popularity among institutional investors, and exchange CoinFLEX said it would create Libra launch futures before the end of 2020. In September, OKEx announced that it plans to launch Tether futures with margin trading capabilities, while the Bakkt platform has launched Bitcoin futures trading.
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