KuMex which is a crypto trading platform by KuCoin is all set to launch Tether on blockchain futures platform. The firm officially announced on March 27 that it will be launching Tether (USDT) on Monday i.e. March 30. Through this move, Tether becomes the second cryptocurrency which is to be launched on KuMex after Bitcoin.
Although it is yet to be launched the users of KuMex have been provided a facility to deposit Tether through the web or public API. According to the announcement by KuMex, it has been revealed that it will offer leverage up to 100x to different crypto derivatives.
Although KuMex has made an announcement for the release of Tether, it is not over yet. It has been expected that the firm is also planning to launch ETH, XRP, BCH and other cryptocurrencies on its platform in future.
Perpetual contracts are more like an agreement which are very necessary for crypto trading including both buying and selling. It is an agreement that is to be made for any future date at any specific price. The trading under these contracts is solely based on index price without any expiry date.
Johnny Lyu, CEO of KuCoin has said that the new USDT perpetual contracts are being made more clear and easy for the new futures traders. Through this, they will be able to make clearer investment decisions by using Tether.
The main reason why the firm has chosen Tether is that it is the most stable coin as compared to other coins in the crypto market. It has also been told via a spokesperson of KuCoin that the average daily trading volume of the platform has gone above $100 million.
Binance has also reported that their trading volumes have also gone above. Through this is could be seen that overall trading in perpetual contracts across the whole crypto market is getting very popular.
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