Malta-based cryptocurrency exchange, OKEx has revealed that its platform recently “recorded a breaking number of 24-hour trading volume in contract market” at approximately $2.4 billion.
In a press release shared with CryptoGlobe, OKEx’s management team noted that available data shows that 56% of the exchange’s traders went long on bitcoin (BTC) - which the company believes is a reflection of the crypto market’s “optimism” regarding the world’s most dominant cryptocurrency.
Perpetual Swaps Generate $53 Billion In Trading Volume
Moreover, OKEx’s team mentioned in its announcement that trading volume on OKEx’s contract markets had “topped the industry globally” (in the past 24 hours). Notably, the exchange operator’s press release stated that just 85 days after the launch of OKEx’s perpetual swap, the popular trading option has recorded “over $53 billion in total trading volume” since its launch.
As explained by OKEx’s management, perpetual swaps are the latest product in the crypto trading platform’s derivatives contracts lineup and that there are currently nine different types of perpetual contracts available for trading on OKEx. These include bitcoin, ether (ETH), and EOS - all of which have a “contract face value” of “$100-equivalent and feature 1-100x leverage.”
Perpetual Swaps Available For TRX, ETC, BSV
Meanwhile, OKEx’s perpetual swaps using bitcoin cash (BCH), bitcoin “Satoshi Vision” (BSV), ethereum classic (ETC), litecoin (LTC), and XRP are issued with a “contract face value“ of “$10-equivalent and feature 1-40x leverage.” Traders can also access OKEx’s perpetual contracts using Tron’s TRX token which has a “contract face value [of] $10 with 1-20x leverage.”
Commenting on the record-level trading activity on OKEx, Andy Cheung, the head of operations at OKEx, remarked:
I am thrilled to see the number grow so significantly, bringing OKEx to the top among our peers and marking a new milestone for the business. It is encouraging that traders are positive and open-minded to the future of cryptocurrency. This really strengthens our faith in going further. To maintain our leading position, we will ensure a trader-friendly environment for users to enjoy trading digital asset on OKEx.
Bittrex, OKEx Introduce Their Own Versions Of Binance Launchpad
OKEx’s token jumpstart platform will reportedly allow new coin projects to sell their cryptocurrency directly to the exchange’s traders - without having to conduct an initial coin offering (ICO). This type of fundraising and public token sale model has been quite successful as Tron’s BitTorrent (BTT) token launch reportedly sold out in 15 minutes.
Other major cryptoasset exchanges including Bittrex have also revealed that they’re going to be launching platforms similar to Binance’s Launchpad. US-based Bittrex is set to introduce what it calls an initial exchange offering (IEO) - through which it intends to sell crypto tokens to investors in exchange for bitcoin.