Virtual currency exchange KuCoin’s derivatives trading platform, KuMEX, is about to launch Bitcoin monthly futures in a “few weeks.”
Founder and CEO of KuCoin, Michael Gan, announced the launch at the Blockchain Life 2019 Forum in Moscow, Russia, on Wednesday. KuMEX was launched in July by IDG Capital-backed KuCoin. Presently it is offering a U.S. dollar-backed Bitcoin perpetual contract (XBTUSDM), which gives up to 20 times leverage.
Michael Gan addressing the forum spoke about the present low penetration rate of derivatives in the virtual currency market; he said it was because of the various investment thresholds set by major exchanges such as OKEx and Huobi. He cited an example; both the exchanges set the minimum Bitcoin contract value at $100; however, KuMEX’s XBTUSDM contract value is only $1. He said that to intensify retail participation, the limit has to be reduced.
KuMEX platform supports many languages to increase its accessibility and ease of use by the user. Currently, it supports English, simplified Chinese and Russian languages; however, later this year it is going to add more languages, like Vietnamese and Turkish.
KuCoin is arranging a cryptocurrency conference in Moscow today. Here, upcoming blockchain trends will be discussed. The company is also arranging a meeting in Spain on the 19th of this month. Here, a team from the company would be talking about the latest updates in the crypto world.