BitMEX to launch Quanto futures contract for Chainlink, Tezos, and two others

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A blog post on Friday from BitMEX has informed that the exchange will be launching a Quanto futures contract for about four cryptocurrencies. The cryptos which include Chainlink (LINK), Tezos (XTZ), EOS token (EOS), and Cardano (ADA) will be listed on its platform by next week.

BitMEX sees first DeFi-linked Quanto futures contract

According to the Seychelles-based exchange and derivatives trading platform, the listing of the cryptos’ Quanto futures contracts is aimed at expanding its altcoins product range, in accordance with the continuously rising demand. Noteworthily, the exchange mentioned that the altcoins Quanto futures contracts will be traded against the US dollar stablecoin, USDT, and not Bitcoin (BTC).

While explaining the reason in the announcement today, BitMEX precisely noted that:

“USDT pairs account for over 60% of overall Altcoin volume, and with these listings, we are providing users with the trading options to better meet their needs.”

In a separate blog post, the exchange revealed that the Quanto futures contract for the aforementioned cryptos will be available on the exchange for trading by September 11, at exactly at 08:00:00 UTC. Starting from 08:00:00 UTC 10 September 2020, traders will be able to view the new contracts but as Unlisted, while full trading will commence in the next day. 

Interestingly, the listing of Chainlink will mark the first time a DeFi-linked contract will be available on the exchange, per the announcement.

BitMEX launched a trader-friendly mobile app

The news today is coming a few days after the exchange announced it is has launched a mobile app for cryptocurrency trading. The app, which is available for both the Android and iOS users, comes as part of the exchange’s effort to ensure a friendly environment for the trading of digital currencies.

Besides offering an intuitive trading option, BitMEX made the app open to more crypto traders in 140 countries.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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