BitMEX XRP swaps will be added to the platform’s derivative product portfolio. The world’s leading cryptocurrency trading platform, BitMEX, has launched the XRP/USD Quanto swap on 5th February 2020. The BitMEX XRP swaps allow its customers to undertake speculation on the XRP/USD prices without any US dollar deposits.
XRP/USD Quanto swaps have been announced to get more customers involved in derivatives products. The crypto derivatives market is set to rise as more people take advantage of the immense volatility in the crypto industry.
BitMEX XRP swaps add to platform’s product diversity
BitMEX already has a wide range of products on offer, especially in the derivatives section. Since the Quanto swap needs no dollar deposits, it will surely be a hit among the customers. In BitMEX XRP swaps, the XRP tracking will be done using USD, but a third fiat will be used for settlement purposes at a specified interest rate.
BitMEX XRP swaps will go live on the trading platform on February 5, 2020. Additionally, BitMEX has announced that up-down XRP contracts will no longer be available. These contracts allowed traders to speculate on the potential high or low movement in XRP. They were popular but carried significant risk due to increased XRP volatility.
First Binance XRP Futures and now BitMEX XRP swaps launched
XRP is enjoying an excellent start to the year 2020. Recently, Binance Futures announced it would offer perpetual XRP futures contracts in combination with Tether stablecoin. The seventy-five times leverage has been the USP of the Binance XRP futures contracts.
— Ripple (@Ripple) January 22, 2020
Ripple’s XRP Market Report states that cryptocurrency derivatives are a vast market and growing at an exponential rate. Products like BitMEX XRP swaps will add more diversity to this already heated market. In 2020, XRP derivatives will be developed further as their mass adoption will push more research efforts. XRP derivatives are vital for the increasing dominance of Ripple in the cross-border payment solutions.
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