Bitcoin derivatives exchange BitMEX to add futures on Binance Coin, Polkadot and yearn.finance
Crypto derivatives exchange BitMEX announced on October 23 that it has expanded its product line with three new futures contracts paired with USDT stablecoin..
Starting October 30, Binance Coin (BNB), Polkadot (DOT) and yearn.finance (YFI) will be available for trading on the BitMEX platform. BitMEX offers a 33x leverage limit for the first token, and 25x for the other two.
BitMEX explains its decision to list YFI with further expansion in the DeFi space, in which it added contracts for LINK last month. The exchange suggests using BNB contracts to hedge existing positions on Binance’s own token.
New futures are quantum contracts, that is, they are concluded in one currency, and calculated in another, in this case in bitcoin. This allows traders to avoid having to own multiple assets at once. By the end of the year, BitMEX plans to add additional contracts based on altcoins.
Earlier this month, BitMEX was harassed by the US authorities, as a result of which its founders were forced to leave leadership positions. The new management has expressed confidence that there are great prospects ahead for BitMEX. The company said that it intends to set standards for the entire cryptocurrency industry in relation to customer identification procedures and thereby free up resources for the further development of its products..
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