KuMEX cryptocurrency derivatives trading platform, owned by the KuCoin cryptocurrency exchange, plans to launch monthly bitcoin futures contracts within “a few weeks”.
KuCoin founder and CEO Michael Gan announced this at the Blockchain Life 2019 forum in Moscow, according to a press release sent to the media. KuCoin, supported by IDG Capital, launches
KuMEX in July. To date, the site offers a perpetual contract for bitcoin (XBTUSDM), quoted in US dollars with a leverage of up to 20x.
Gang said in a forum that the current low distribution of derivatives in the cryptocurrency industry is explained by the fact that large exchanges such as OKEx and Huobi often set certain investment thresholds. For example, the minimum cost of a bitcoin contract at both sites is $ 100.
According to Ghana, in order to increase the participation of retail investors, it is necessary to reduce the investment threshold, and therefore the cost of the XBTUSDM contract on KuMEX is $ 1. KuMEX platform currently supports English, Chinese and Russian. Gang said that at the end of this year, the platform will add support for Vietnamese and Turkish.
Cryptocurrency futures are being offered by more and more companies. Recently, the CME Group reported that bitcoin futures are gaining popularity among institutional investors, and CoinFLEX has announced that it will create futures for launching Libra by the end of 2020. In September, OKEx announced that it plans to launch Tether futures with the possibility of margin trading, and launched on the Bakkt platform
trading in bitcoin futures.
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