- Per BitMEX, the four altcoins will be paired with Tether (USDT).
- Reportedly, LINK has become the first DeFi token to be listed on BitMEX.
- According to BitMEX, these listings are a result of increasing demand from its users.
Seychelles-based crypto derivatives trading platform BitMEX is planning to launch four new Quanto Futures contracts. The exchange unveiled this news through an official announcement noting that it seeks to add Chainlink (LINK), Tezos (XTZ), EOS (EOS), and Cardano (ADA). Per the announcement, these altcoins will be paired with the Tether (USDT) stablecoin. BitMEX noted that this move comes as a response to increasing demand from its customers.
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According to the announcement, the exchange intends to unveil the full details of the contracts in the upcoming BitMEX Indices and Quarterly Future Listings update, which is set for 0400 UTC on September 4. BitMEX added that these listings are set to improve the underlying positions that many traders hold on spot markets.
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The exchange went on to state 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.”
Listing the first DeFi token
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Per BitMEX, LINK is the first DeFi-linked contract to be featured on its platform. LINK and XTZ reportedly represent two of the highest market cap altcoins and are also heavily traded. Through these coins, the exchange believes that it has made a significant step toward providing its users with the best coverage of liquid and quality products. The exchange added that it is planning to introduce more altcoin product listings in the next few months.
While ADA and EOS were already tradeable on the platform, this development will allow users to speculate on the value of these coins under the auspices of USDT-underlying contracts. In so doing, BitMEX has expanded its Quanto offerings.
Like other Quanto products, the new listings will have a fixed bitcoin (BTC) multiplier despite their underlying prices. As such, traders will be able to long or short each coin without having to hold the specific coin or USDT. This is because they will post margins in XBT, a move that will see them earn or lose XBT as the exchange rate of the paired coin changes.