KuMEX, the Bitcoin futures platform of crypto exchange, KuCoin is planning to launch USDT-margined Bitcoin Perpetual Contracts this March ending.
According to the announcement, the USDT Perpetual Contracts will be officially available on the exchange on March 30, 2020. However, deposit of USDT has already been enabled on the platform.
With the USDT Perpetual Contract, all profits, losses and account balances will be denominated in USDT. However, the BTC/USDT Spot Index used by KuMEX is going to be the volume-weighted average price of BTC/USDT across 6 exchanges, to better manage trading risks. The exchanges will include Binance, OKEx, Huobi, KuCoin, and other 2 exchanges. The trading volume weight on the platform will also be adjusted on a quarterly basis.
According to Johnny Lyu, KuCoin global CEO, this is the world’s first Lite Version of Bitcoin futures platform. He said KuMEX supports more than 10 languages and it is committed to building a simple, reliable and transparent futures platform.
He added the launch of the USDT Perpetual Contracts on the platform will make it clearer and easier for new futures traders to make investment decisions using USDT tokens. Lyu claims this would help to mitigate the volatility dropped by non-stable tokens.
Alongside the launch of the USDT Perpetual Contract, KuMEX is also rolling out a series of giveaway events to reward loyal users. 400,000 USDT has been allocated to be shared among traders who will try out the USDT Perpetual Contracts. The company claims more rewards will be shared based on trading volume. KuMEX platform which was officially launched on July 8, 2019 by the KuCoin team is the only crypto futures platform that enables Level 3 Data. This allows traders to verify every single trade on the exchange, effectively avoiding unusual liquidation being caused by market manipu