BitMEX Launching Futures for Chainlink (LINK), EOS (EOS), Tezos (XTZ), and Cardano (ADA)

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Fri, 09/04/2020 - 06:20
Alex Dovbnya
BitMEX is rolling out Tether-backed futures contracts for these four altcoins
BitMEX Launching Futures for Chainlink (LINK), EOS (EOS), Tezos (XTZ), and Cardano (ADA)
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Seychelles-based cryptocurrency derivatives trading platform BitMEX has announced the rollout of four new quanto futures contracts for Chainlink (LINK), Tezos (XTZ), EOS (EOS), and Cardano (ADA). They are paired with the Tether (USDT) stablecoin.  

The exchange says that the new listings are a response to strong demand from its users. 

Given that Tether is responsible for the lion’s share of the total altcoin volume, the recently added trading pairs are supposed to reflect spot trading in a better way.         

BitMEX lists its first DeFi token

Notably, Chainlink (LINK) became the first DeFi-related cryptocurrency listed on the BitMEX exchange.

Its arch-rival OKEx launched USDT-margined LINK futures back in November 2019, becoming the first notable exchange to list such a derivatives product.

Binance Futures rolled out a perpetual contract for the high-flying cryptocurrency back in January.

BitMEX has a rather conservative listing policy given that LINK is the first new token listed on the exchange since Tron (TRX) in 2018.

While XTZ, EOS, and ADA were already tradeable on the exchange, users will now be able to speculate on the value of these coins with the help of USDT-underlying contracts.

As reported by U.Today, BitMEX also introduced quanto futures contracts for Ethereum (ETH), XRP (XRP), and Bitcoin Cash (BCH) earlier this year that allow going long or short on their USD rate while posting margin in XBT. 

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Altcoins are getting clobbered 

BitMEX unveiled its new altcoin contracts after the whole cryptocurrency market suffered a severe crash on Sept. 3.

LINK, XTZ, EOS, and ADA have all logged double-digit losses over the past 24 hours, according to CoinMarketCap data

Crypto Market
image by coinmarketcap.com
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.