Blade Crypto Exchange Offering Perpetual Contracts Trading Gets $4.3 Million, Led By Coinbase Ventures

“In the long term, we want to be the CME (Chicago Mercantile Exchange) of crypto,” says Jeff Byun, CEO of upcoming derivatives exchange, Blade. The exchange will offer cryptocurrency traders perpetual contracts trading with over 150X leverage on selected pairs.

The expectations are high for Blade cryptocurrency exchange, who completed a seed funding of $4.3 million USD including top Silicon Valley venture capital firms. Some of the notable names in the seed funding round include Coinbase, SV Angel, A.Capital, Slow Ventures, Justin Kan and Adam D’Angelo.

The Blade cryptocurrency exchange will start off its derivative operations in the next three weeks. The exchange offers traders perpetual contracts on crypto pairs.

Perpetual Contracts Trading On Crypto Pairs

Perpetual contracts are slowly gaining a footing in cryptocurrency markets with Blade being the latest exchange to introduce the asset class.

These types of derivatives allow traders to bet on the future value of cryptocurrency pairs including Bitcoin, Ethereum, Ripple and other major crypto pairs. Unlike fixed maturity futures, perpetual contracts do not have expiration dates.

Blade cryptocurrency exchange set to open in three weeks after $4.3 million USD seed funding round led by Coinbase. (Blade.exchnage)

Blade is aiming to beat its competitors with three competitive advantages on the platform; simple (vanilla) futures drafted for multiple cryptocurrency pairs, leverage on these contracts expected to reach 150X (for BTC/USD and BTC/KRW pairs) and the settling of the contract will be in Tether (USDT) and BTC to enhance liquidity on the platform.

Investors registering on the platform before August 26th will be offered free trading for the first $100,000 USD.

CEO of Blade, Byun, is looking forward to the opening of the exchange hoping to emulate its predecessors in the industry in offering a liquid, fast and cheap platform. Speaking on the launch of the Blade exchange, Byun said,

“Coinbase and Binance are building this foundational structure for crypto, but I think we are too and in a sense that derivatives are at their core about risk transfer, we want to be building the foundational layer for risk transfer in the crypto markets.”