Cryptocurrency Exchange OKEx Rolls Out Bitcoin Futures Settled in Tether Stablecoin (USDt)
An OKEx press release from November 14th announces that the famous crypto exchange has launched Bitcoin (BTC) futures settled in Tether (USDT).
— OKEx (@OKEx) November 14, 2019
The intention to launch the futures margined by USDT and with a leverage of up to 100x was made at the end of last month. In the present, after the simulation that started on November 5th has been conducted, OKEx listed its BTC/USDT offering on the platform.
Things Made Simpler for Traders
OKEx has mentioned before that its offering of a stablecoin type of derivatives contract is meant to help traders calculate risk and navigate the market more easily. This is what Jay Hao, the CEO of the company had to say:
“The simulation of our USDT Futures Contract was very successful, and we received positive feedback from traders in the OKEx community.”
The derivative in the contract is settled and quoted in USDT, with every BTC/USDT contract having the 0.0001 BTC face value, at the available value ranging from 0,01 and 100 times. Users that activate on the platform are able to take the short and long positions when it comes to the contract.
OKEx Will Add More Assets
The USDT settled futures will have more cryptocurrency assets added in the next few months, as the company announced that it plans to launch this type of contract for Ether (ETH), EOS, Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), XRP, Bitcoin SV (BSV) and Tron (TRX). More than this, Bakkt also announced that it’s going to expand its trading with Bitcoin futures on the Intercontinental Exchange by including the cash-settled alternative.