Cryptocurrency exchange BitMEX announced that they will be launching four new Altcoin/USDT underlying Quanto future contracts, namely, EOS Token (EOS), Chainlink (LINK), Tezos (XTZ), and Cardano (ADA).
Chosen in response to demands from its customers, the new Altcoin/USDT contracts better reflect the underlying positions many traders are taking on spot markets.
LINK will be the first DeFi-linked contract available on the BitMEX platform, and together with XTZ, they represent two of the highest market-cap and heavily traded Altcoins, and are a further step in our aim to provide our users the best coverage of liquid, high quality products. We plan to introduce several more Altcoin product listings over the coming months. – The crypto exchange stated.
By planning to use USDT underlying contracts for their popular ADS and EOS series, BitMEX hopes to broaden their Quanto offerings on the existing supported Altcoins after the ETHUSD Quanto fixer which had been launched on 5th May 2020.
Since the BitMEX Quanto products have a fixed Bitcoin multiplier regardless of the underlying Altcoin price, traders would be able to long or short each coin without needing to hold the specific coin or USDT. The quanto feature of BitMEX perpetual swap products meets the expiry and settlement found in traditional futures, here.
BitMEX also offers perpetual swap contracts available for Bitcoin, Ethereum, and XRP with BTC leveraged up to 100x and the rest 50x.