Dubai-based cryptocurrency financial products exchange, BTSE, on October 31, 2019, announced the launch of the Monero (XMR) futures contracts.BTSE Introduces Monero Futures Contract
While Bitcoin (BTC) futures have become a common occurrence in the rapidly spreading cryptospace, altcoin futures contracts – especially those based on privacy-focused cryptocurrencies – are usually a rare phenomenon.
Marking a departure from this trend is Dubai-based exchange platform BTSE which has listed the world’s largest privacy-focused digital token by market cap – Monero – for trade with six other cryptocurrencies and eight fiat currencies. BTSE has enabled trading for Monero futures contracts, making it one of the first and only exchanges in the world to offer such a product, the exchange claims.
The exchange’s official blog post reads in part:“Futures trading options can serve as a gateway for added liquidity to an asset as it allows traders to apply various approaches to include the futures product in their overall trading strategy. And at BTSE, we care a great deal about making trading personal: on BTSE, you trade Monero Futures 2.0, the most advanced futures on the market: flexible, customizable, personalized.”
Notably, BTSE customers will now have the option to post any of the supported currencies as collateral for trades and choose the currency they’d like to receive their payout in. The exchange also offers up to 100x leverage on Monero futures for traders with a large appetite for risk, the post adds.
The exchange hopes to bring extra liquidity to the XMR digital token by the introduction of a financial product that helps investors speculate its price. For the uninitiated, a futures contract is a standardized contract between two parties in which a share or a commodity is bought or sold at a predetermined price at a specified time in the future.