Cryptocurrency exchange OKEx to launch USDT margin futures in October
- OKEx plans to add USDT futures to the list of tradable instruments.
- The futures will be available with up to 20x leverage.
Cryptocurrency exchange OKEx is set to launch futures on Tether’s stablecoin USDT. The company announced that the new instruments would go live in October with margin trading available for them, The Block reports citing an OKEx spokeswoman. The exact launch date has not been specified yet.
The new tool will allow users opening leveraged positions in USDT with for delivery at a later date. USDT futures contracts are a type of derivative instrument that have the potential to become popular among traders.
Many cryptocurrency exchanges are seeking to enter this space. Thus, most recently Binance launched Binance Futures, a platform for futures trading. Currently, the platform allows trading futures on BTC/USDT with up to 20x leverage.
Also, Bakkt has launched its Bitcoin futures earlier today. The platform users now have access to deliverable Bitcoin futures with daily and monthly settlements. Unlike the contracts launched on CME in December 2017, Bakkt futures are settled in Bitcoins.
Meanwhile, BTC/USD is changing hands at $9,919, mostly unchanged both on a day-on-day basis and since the beginning of Monday. The first digital coin has shown little reaction to Bakkt futures launch, however, experts believe, that this development will have a positive impact in the long run.
Author
Tanya Abrosimova
Independent Analyst
