According to a recent tweet by KuMEX, which is the futures subsidiary popular cryptocurrency exchange, KuCoin will be launching monthly Bitcoin futures contract on its derivative exchange KuMEX in coming few weeks. The announcement was made by Michael Gan at, CEO of KuCoin, at the Blockchain Life 2019 forum in Moscow.
The tweet reads:
“KuMEX Bitcoin Monthly Contracts are drawing near!
Today at the Blockchain Life 2019 Forum in Moscow, our founder Michael Gan disclosed that KuCoin’s Futures Platform KuMEX will be launching Bitcoin Monthly Contracts in a few weeks.”
The necessary information related to the highly anticipated monthly bitcoin contracts like the specific date of the launching is not public yet. The company will update its community about the development made in the project later.
On July 8, 2019, KuCoin launched its derivatives trading platform KuMEX to offer so called Bitcoin Perpetual Contract (XBTUSDM). To Kick start, it offered a trading competition with a reward of 10,000 KCS for users with top scores in their return rate ranking.
KuMEX also uses Bitcoin Spot Index that volume-weights the price of bitcoin in six major exchanges which includes Coinbase Pro, Bitstamp, Kraken, Gemini, Liquid and Bittrex.
Bitcoin futures trading has become the way to go for most cryptocurrency exchange. Binance recently launched its futures platform which recorded an all-time 24-hour volume of $700 million on October 15. Bakkt exchange is also offering Bitcoin futures that are physically settled but the company is still seeing very low trading volumes. As a bright futures is predicted, many small crypto exchange-related businesses are also entering in futures market to have a considerable market share.
KuCoin is a IDG-backed cryptocurrency exchange based in Singapore. The company was founded in 2013 by a group of blockchain enthusiasts who had proved themselves in industry giants like Ant Financial, an affiliate company of the Chinese Alibaba Group also known as Alipay, and GF Securities, a China-based company which offers securities brokerage, investment banking, wealth management, asset custody, and investment management services.
According to another announcement, KuCoin has also revised its exchange centre to improve the users experience. According to the announcement, the revision has made major changes to the platform.
These revision includes improvements in market through which fiat price of every coin can be checked with simple click, order placement, order books, a day/night mode, cancelation of all trade with just a simple click, a better easy-to-understand interface, and more.