KuMEX, the derivatives platform of KuCoin cryptocurrency exchange, has made it official with the announcement about the platform gearing up to introduce the investors with monthly Bitcoin futures contracts very soon.
On Wednesday, Michael Gan, the founder and CEO of KuCoin spilled the beans about the launch of the Bitcoin monthly futures during his visit to the Blockchain Life 2019 Forum that was organized in Moscow, Russia. The official Twitter handle of KuMEX also shared the news through a tweet dedicated to its users.
#KuMEX Bitcoin Monthly Contracts are drawing near!👏
Today at the #Blockchain Life 2019 Forum in #Moscow, our founder Michael @gan_chun disclosed that KuCoin’s Futures Platform KuMEX will be launching Bitcoin Monthly Contracts in a few weeks.#KuCoin #BUIDL pic.twitter.com/VOa0gNxnGY
— KuMEX (@KuMEX_Official) October 16, 2019
Hong Kong-based cryptocurrency exchange, KuCoin launched KuMEX earlier in July. It renders users with efficient facilities by offering them Bitcoin perpetual contracts (XBTUSDM). Having been quoted in the U.S Dollars, the contract offers a substantial twenty times leverage to the customers.
At present, KuMEX offers support to English, simplified Chinese as well as Russian languages. During the event, Gan stated that the reputed platform is likely to lend support to more languages, namely Vietnamese and Turkish by the year-end to induce more and more customers.
Mr. Gan, while addressing the forum, said that the unfavorable condition of the derivatives in the digital currencies niche is primarily because of the reason for the investment threshold limit set by crypto exchanges like OKEx and Huobi. He added that the minimum bitcoin contract value on the two exchange platforms is $100, while the least contract value of KuMEX’s XBTUSDM is $1. He stated that this is done with an intention to give a boost to retail participation in the network.
In the present time, Bitcoin futures trading has evolved as a potential mechanism to reach out to several cryptocurrency exchanges. The recently launched Bakkt exchange, which is helmed by Binance crypto exchange, recorded a volume of $700 million in 24-hours’ time span. Despite all the efforts, the future’s platform is still facing the issue of low volumes.