Crypto exchange Huobi DM to commence EOS [EOS] derivative trading
The cryptocurrency exchange Huobi’s derivatives wing, Huobi Derivative Market (DM) has announced the introduction of an EOS [EOS] contract, thereby expanding the trading volume, as indicated by an official announcement by the exchange on December 26.
Huobi DM announced, on Boxing Day, that the EOS contract would be live on the derivatives exchange on Friday, December 28.
Launched recently in late-November, the Singapore based cryptocurrency exchange Huobi
Global announced the derivatives branch at the Coinfrontiers conference in New York City. Initially, the derivative market only featured Bitcoin [BTC] and Ethereum [ETH] based contracts.
Upon release, the exchange introduced contracts on a weekly, bi-weekly and quarterly basis, with the tools required for arbitration, speculation, and hedging. Leverage was allowed up to 20X, takers were charged with a 0.03 percent fee and makers would be entitled to a 0.01 percent bonus.
Huobi DM also boasts an insurance fund of a 20,000 BTC so that traders are insulated against security threats.
Livio Weng, the CEO of Huobi Global said, “Sophisticated traders are increasingly looking for a broader range of tools, integrating Huobi DM with Huobi Global allows us to better serve those user’s needs by offering them our full range of trading services in one convenient place.”
With the depleting market cap of the cryptocurrency market and the dropping prices of the major coins in the market, several crypto-centric companies are exiting the industry to save what is left. Miners and developers are seeing significant loses and exiting the market in droves, Bitmain’s layoff, earlier in the week is a testament to the same.
GPU manufacturers like AMD, GMO Internet Group and Nvidia are also seeing tremendous bearish moves this year, with the fall in price of cryptocurrencies and the devices used to mine them.
Yesterday Huobi Global told the Chinese daily, South China Morning Post that the exchange is “optimizing staff,” and letting go of the employees on the lower end of the performance metric, following the growing trend of the market.
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