Coinspeaker KuCoin Derivatives Platform KuMex Kicks Off with a 20x Leverage on Bitcoin Perpetual ContractKuCoin, the Indigen (IDG) endorsed cryptocurrency exchange, has just introduced a crypto derivatives platform under the name-tag of KuMex. As on Monday, 8th June, KuCoin disclosed that the beta version of the KuMex derivatives platform has been officially launched debuting a continuous Bitcoin trading contract (XBTUSDM) pegged to the U.S dollar, as its first pair with a prospect of a 20x leverage. In order to inaugurate this launch, KuCoin would initiate a trading competition with a reward-base in the in-house tokens. There’ll be a designated amount of 10,000 KCS tokens issued to users as a reward with respect to their return rate raking.Once the platform is fully live, 50% of the accumulated profit generated from the derivatives platform would be utilized as a part of KuCoin’s Bonus disbursement to the native KCS holders.While various crypto exchange platforms have shown an increased interest in the derivatives market, the KuCoin powered derivatives platform is one of a kind as it is designed with a fully transparent, fair and rigorous pricing mechanism together with an insurance protection scheme.By means of Bitcoin spot index, KuMex would be provisioned with a real-time volumetric average of a fixed price of Bitcoin to the U.S dollars. Amassing such aggregate data from Bitcoin price indicators across several established exchange platforms as Coinbase Pro, Bitstamp, Kraken, Gemini, Liquid and Bittrex.The Exchange acknowledges that the spot index would further avoid contract liquidation as a result of the low liquidity involved with price fluctuations of a couple of spot exchange trading platforms the exchange explained.KuMEX offers some protection from risk with an insurance fund it says is “fully transparent,” with the balance to be disclosed on the platform each day. KuCoin CEO Michael Gan revealed this noting:“Compared to the spot market, derivatives are much riskier due to the leverage used, so we are more cautious in providing such services. KuMEX is a derivative trading platform independently developed by our team, and from its inception, we have positioned it as a genuine and advanced financial product, so that all users can trust the platform and trade on it freely, without worrying about the loss caused by any form of manipulation. ”Even though the overall market capitalization for cryptocurrencies increases to the tune of $335 billion USD over a few weeks span from its former value of $300 billion USD in June according to CoinMarketCap. The daily trading volume on the other hand continues to deteriorate massively as it currently maintains an excess of 20% decrease over the same aforementioned period of time.KuMex has been released amidst the recent expectations with regards to Bitcoin’s price upsurge. As at the time of writing, the number one cryptocurrency was gathered to be worth well around the range of $11,900 giving it an ample opportunity to enjoy an extensive clientele as well as grow with the impending uptrend.KuCoin Derivatives Platform KuMex Kicks Off with a 20x Leverage on Bitcoin Perpetual Contract
Cardano (ADA) Price Analysis: Next Key Break Near, Can Bulls Make It?
Wednesday August 14, 2019
ADA price extended losses and tested the $0.0475 level against the US Dollar. The price is currently correcting higher, but it is facing a strong resistance near $0.0540 and $0.0550. There is a crucial bearish trend line forming with resistance near $0.0542 on the 4-hours chart (data feed via Kraken). The price could either break […]
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