Today Malta-based cryptocurrency exchange OKEx revealed that the launch of the USDT-based future contracts with leverage up to 100x is planned for November 6. The exchange will offer USDT pairs with Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), EOS, Ripple (XRP), Bitcoin SV (BSV), Tron (TRX), and Litecoin (LTC).
OKEx’s financial market director, Lennix Lai, shared that the derivatives are expected to simplify and bring efficiency to trading activities by reducing the need to switch between cryptocurrencies. In his opinion, inverse contracts are hard to understand for some traders, therefore introduced linear contracts will represent a simplified instrument for hedging. An exchange representative also revealed that the firm plans to add more stablecoin-based derivatives in future to further serve traders’ needs.
Stablecoin-based contracts will be settled daily and will be an average of cryptocurrency exchanges Huobi, Coinbase, Bittrex, and Binance’s USDT spot prices.
As COIN360 reported earlier, the exchange announced its Tether (USDT) margin futures at the end of September, when the exchange was accused of wash trading by Blockchain Transparency Institute.