Crypto Exchange Gate.io Launches XLM and XMR Perpetual Contract Trading Product
Days after the official launch of Gate.io's perpetual contracts product, this cryptocurrency exchange has reportedly launched a ‘Perpetual Contract Trading’ comprising two assets. Announcing this on a blog post, Gate.io stated that the two assets are XMR and XLM, both meant to grant investors the potential of earning profits by trading in them.
Launched on 16th January via Gate.io Android App, the perpetual contract offers a plethora of options, including BTC, ETH, XRP, LTC, BCH, EOS, TRX, and ADAD. The current maximum rate per investor who would like to trade in them is 1BTC, although it’s highly likely that this will rise based on the market risk and the investor’s rank.
This grand launch, however, isn’t the only one. In China, OKEx, a Shanghai-based cryptocurrency exchange recently a similar one with almost identical features, save for the daily withdrawal of profits.
Excitingly, the contracts are different from futures contract in that, unlike them, the perpetual contracts come with no expiry date. And one will only need to keep a close eye on the market and sell them off as either short term or long term for a profit.
News of this unveiling by Gate.io is coming in the wake of the tumultuous period that this exchange has had over the past couple of days. Just days after the New Year’s Day, the exchange suffered a $271,000 loss following the 51% attack on Ethereum Classic Network.
Mysteriously, it was reported that the hacker had dramatically returned $100,000 from the funds stolen. The refund happened 14th January, exactly a week after the theft, a gesture that nobody knows why.
Gate.io was only left to guess whether it was a white hat hacker or someone who didn’t to earn any profits from it. They had earlier tried to contact the hacker, although the messages were futile.