Cryptocurrency derivatives exchanges BitMEX is set to debut a new perpetual swap product for XRP- the third-largest cryptocurrency by market capitalization, on February 5 at 4:00 UTC.
According to BitMEX’s original announcement of the contract, it will be an XRP/USD contract offering leverage of up 50 times, with the margin being posted in bitcoin. Per the exchange, this means “traders can go long or short this contract using only Bitcoin.”
We at BitMEX are proud to announce that trading of a new perpetual swap on the XRP token (XRPUSD) will begin at 0400 UTC on 5 February 2020.
— BitMEX (@BitMEXdotcom) February 4, 2020
Despite BitMEX’s new offering, its co-founder and CEO Arthur Hayes seemed to imply he wasn’t a fan of XRP, making disparaging remarks about it on Twitter and adding “it’s worth more than zero so it’s time to trade the USD pair on BitMEX.”
As CryptoGlobe reported, perpetual XRP products have been available on the market at the futures platform major cryptocurrency exchange Binance since earlier this year, as the platform launched a perpetual contract product for XRP/USDT.
Binance Futures’ XRP perpetual contract allows traders to choose to leverage their positions up to 75 times. The perpetual contract joined others being offered on the platform for BTC/USDT, ETH/USDT, and BCH/USDT. At the time the price of XRP went up 10%.
At press time, one XRP token is trading at $0.251 after rising 0.3% in the last 24-hour period.
Featured image via Pixabay.