BitMEX says will probably be the primary to launch Ethereum quanto futures contracts, giving merchants a brand new method to guess on the second-largest cryptocurrency by market cap.
The contracts roll out on Could fifth, providing 50x leverage and permitting merchants to take a position on the worth of ETH, the world’s second-largest cryptocurrency by market cap, with out having to deposit US {dollars}. Though the contract costs ETH towards USD, will probably be settled in Bitcoin (BTC).
“ETHUSD quanto futures have a hard and fast Bitcoin multiplier whatever the USD Ethereum value.
This permits merchants to lengthy or quick the ETH/USD trade charge with out ever touching both ETH or USD! Merchants publish margin in XBT [Bitcoin], and earn or lose Bitcoin because the ETH/USD charge modifications…
This new product would be the solely one in every of its sort obtainable available in the market, and represents important new buying and selling alternatives on BitMEX.”
BitMEX has been working to increase its futures choices this yr, and launched XRP futures again in January with 75x leverage. It additionally presents numerous futures contracts for Bitcoin Money, Litecoin, EOS, Cardano and Tron.
Futures buying and selling is exceptionally dangerous, with the potential for giant earnings and devastating losses by permitting customers to enter positions which are bigger than their account stability.
Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses chances are you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please be aware that The Every day Hodl participates in internet affiliate marketing.
Featured Picture: Shutterstock/wacomka
