- These new altcoins will be available on the platform, a day before the start of trade
- One thing that makes BitMEX contracts stand alone is that it allows users to post their margin in Bitcoins
BitMEX in an official announcement on Friday, said that they are expanding their services by including new altcoins – quanto future contracts for Polkadot (DOT), Binance Coin (BNB) and yearn.finance (YFI). They have confirmed that the trading of these new altcoins will commence by the end of this month on October 30. These new altcoins will be available on the platform, a day before the start of trade.
BitMEX is a proven platform for trading crypto products worldwide. However, CFTC (Commodity Futures Trading Commission) of the United States, charged the company and the co-founders. They also went through a lot of investigation last week. They have bounced back much stronger with their expansion. They believe that this expansion helps their users to get closer towards high liquid products. More altcoins are expected to get listed on the platform before the end of the year. There is no guess on which altcoin pairs will be available on the platform but the company has an eye on decentralised finance, as it stands as the primary attention for crypto investors.
What makes BitMEX Contracts Different?
One thing that makes BitMEX contracts stand alone is that it allows users to post their margin in Bitcoins. As the price of the contract fluctuates, they will gain or lose accordingly. This also differs from other contracts by making the user to own a fixed asset or a token.
Binance Coin (BNB) being the native of the Binance Chain, powers the Binance ecosystem. BitMEX allows their users to explore BNB through all new quanto futures contracts. Polkadot (DOT) comes in top ten cryptocurrencies in the world. All the decentralised services and applications can be connected through this protocol. In addition to LINK last month, BitMEX platform avails the broadened range of DeFi linked contracts which are followed by YFI.
BitMEX also confirmed that it is mandatory for all their customers to complete KYC. All the users must complete their verification on or before November 5, 2020 to get access to the platform further. No crypto product services will be available for those who violate KYC. Contracts will be available live on Testnet. Regardless of altcoin price, these quanto contracts have fixed Bitcoin multipliers. This allows users not to hold a particular coin and instead they can long or short each coin.
Therefore it serves as great news for BitMEX users. Further on their statement on expanding crypto assets looks good and hope it will arrive soon.