Source for BlockChain News

Category archive

BitMex

BitMEX Introduces XRP Swaps, Delists Two Ripple Derivatives Contracts

by
BitMex

BitMex

When the crypto market was still at its infancy around half a decade ago, derivative trading in crypto seemed like a distant dream. However, crypto exchanges like BitMEX have made it possible, and in a new development, the exchange announced significant changes to its crypto derivative offerings. The company announced that it is going to launch a new XRP-US Dollar quanto swap, which is meant for the growing crypto derivatives market.

Key Features

It goes without saying that this is a significant development for this niche corner of the crypto space. In addition to that, it will be interesting to see whether it has any significant effect on the price of XRP. On the other hand, BitMEX UP and DOWN contracts have been delisted.

A quanto swap is a novel derivative trading instrument by way of which a trader pays the counterparty in the form of an overseas interest rate. Once the expiration date is reached, either of the two parties can settle their liabilities in cash. However, it is important to note that the interest rates are determined in advance.

The fact that BitMEX brought this instrument to its platform is a clear indication that the crypto space is maturing at a rapid rate. On top of that, it also proves that plenty of seasoned and skilled traders now ply their trade in the leading exchanges.

>> Bank of England is Planning to Adopt Digital Currency

In addition to that, this sort of a derivative instrument is used by traders who are looking for higher liquidity and results in the overall well-being of the market. Traders will also be able to post their margins in their local currencies, making it far more convenient.

In other words, traders do not need to worry about foreign exchange fluctuations when they are trading one of these XRP-US Dollar quanto swaps on BitMEX. It remains to be seen how the traders on the exchange react to the latest offering.

Featured image: DepositPhotos © Violka08

If You Liked This Article Click To Share

BitMex Ventures Invests in PDAX, Increasing Activity in the Phillippines

by
BitMex

BitMex

According to sources, BitMEX Ventures has invested in a crypto exchange licensed by the central bank of the Philippines.

The investment aims to help the Philippine Digital Asset Exchange (PDAX) to develop its cryptocurrency marketplace. The aim is to include other digital assets such as tokenized commodities, real estate equities, and debt securities.

BitMex Invests in PDAX

Hong Kong-based BitMex is a cryptocurrency exchange that offers contracts with credit support. The exchange only trades crypto-to-crypto and doesn’t accept fiat currencies.

The investment is welcomed by PDAX; CEO Nichel Gaba says the limited infrastructure in the Philippines has left consumers struggling to find financial products and services. PDAX can now offer users the chance to enhance their wealth. He said:

“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth.”

The exchange CEO said further that PDAX is working closely with regulators “to ensure the safe and secure buying and selling of cryptocurrencies and other digital assets at the best price on the market.

BitMex and the Phillippines

BitMex has a vested interest in the Phillippines as many of its trading consumers hail from there. By supporting PDAX, it helps to increase cryptocurrency adoption in the country as well as spread information and learning regarding digital assets and trading. The results of this can only bode well for BitMex.

>> Coinbase Announces Support for EOS: Growing List of Crypto Assets

Crypto and the Phillippines

The Phillippines has been a hive of activity in recent weeks. Back in April, payment services Bitspark announced plans to release a stablecoin that was backed by the Phillippine piso.

Further, earlier in 2019, financial body Western Union cozied up with Coins.ph to allow Philippine-based users to send and receive money directly to and from their e-wallets.

Featured Image: DepositPhotos © puhhha

If You Liked This Article Click To Share

Go to Top