Digital Currency Derivatives Exchange to Be Launched In September
LevelTradingField is all set to launch a digital currency derivatives exchange that is driven by Ethereum next month. This is an interactive online platform meant for professionals in the finance sector. The project is known as CADE, and the exchange will list ERC 20 tokens that are based on blockchain-powered one, and it will monitor specific digital assets. This could have an impact on the prices of virtual assets for which derivatives will be announced.
More Crypto Assets
Currently, the digital currency derivatives exchange will count upon on bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Monero (XMR). The exchange indicated that it would keep adding more digital currencies once the derivatives trading starts in September, coindoo.com reported. The interesting feature of it is that users will not be compelled to take possession of those cryptocurrencies to gain from virtual currency exchange services. In a nutshell, while the tokens will enable traders to go for long, it will also enable bearish traders to go for short in the original digital assets.
Aside from these, the company clarified that tokens could be used for hedging purposes too for miners and holders of virtual currencies. After the derivatives platform is launched, CADE plans to list derivative tokens on six virtual currencies, which are Monero, Ripple, Bitcoin cash, Litecoin, Ether, and Bitcoin. The exchange does not mind in considering any other underlying assets as long as they meet the requirements of a listing.
The exchange disclosed that all derivative assets would be valued in stablecoin or LUSD that is equal to the American Greenback. The company believes that the exchange will undoubtedly be a useful one, particularly for digital currency miners or enthusiasts and investors. That is because it is available for an indefinite period and not restrict to traders of crypto alone. The derivatives could likely attract institutional investors, who are waiting in the wings to participate in the virtual currency market.
In its press statement, CADE said, “LUSD is a stablecoin that is pegged to the US Dollar and guaranteed by LevelTradingField if it is purchased and redeemed from LevelTradingField.” The exchange also indicated that if anyone wants to make use of its platform, then they must go through a “robust compliance framework.” This is regarded as a security step to meet Know not only Your Customer (KYC) but also anti-money laundering (AML) standards.
LevelTradingField is engaged in continuous evolvement as could be seen from the past. For instance, the company introduced a Bitcoin Market Predictor in 2017. This enabled users to place a bet on price valuation of bitcoin that will enable the user to win remuneration too. Later on, the exchange indicated about its alliance with NetXpress.
The collaboration has promised to offer a feed that is driven by crypto to those interested users in digital currency exchanges data. In any case, the move will be welcomed by those who are supporting the cryptocurrency market whereas pessimists will continue to paint in the negative picture. Despite mixed opinion, the market continues to evolve itself.