Growing cryptocurrency popularity is forcing the crypto exchange to be innovative in product offerings, in a bid to target a broader target market. The latest is Bitmex, which has strengthened its Cryptocurrency offering with the introduction of futures contracts for meme crypto Dogecoin.
Starting February 5, traders and high-volume crypto speculators will be able to speculate on Dogecoin’s future price. In this case, traders will be able to buy or sell Dogecoin at a predetermined price in the future. DOGEUSDT is the new futures contract on the crypto exchange that comes with up to 20X leverage.
As a Quanto contract, the Dogecoin futures contract will trade based on the Bitcoin equivalent of the DOGE/Tether price. Traders will be able to go long or short, betting on the increase or decrease of prices without holding DODGES OR Tether. As the DOGE/USDT rate fluctuates, traders will either earn or lose bitcoin.
Making DOGE futures contracts available on the platform accords BitMEX an opportunity to capture some $1.9 billion in cumulative trading volume associated with the DOGE crypto. Similarly, it should help enhance liquidity levels on the exchange.
The listing of DOGE futures also coincides with the cryptos growing popularity among celebrities, rappers, and, in some cases, pornstars. A good number of high profile celebrities have touted their DOGE purchases.
Elon Musk has been the most vocal tweeting about Dogecoin since 2019. The famed billionaire has already touted the crypto as his favorite. Musk’s tweets have significantly bolstered Dogecoin price, having shot up by more than 20% at the end of 2020.
The unveiling of DOGE Futures contracts coincides with London-based startup BCB Crypto, confirming former Coinbase UK Chief Executive Zeeshan Feroz’s appointment as an advisor. The startup sells banking services to crypto firms, although not a bank itself.
BCB Global Crypto Employment
BCB Group works with other banks to provide business accounts payments and foreign exchange tools to wallet and exchange operators. A lack of financial services has been one of the biggest undoing, curtailing growths in the sector.
The startup has already unveiled BLINC Network, a tool designed to help institutions move funds around more quickly and with lower fees than existing payment solutions. Feroz, who boasts of vast experience in the industry on working at Coinbase is being relied upon to help steer new crypto-specific products that BCB intends to launch. BCB Group is yet to reveal what those products will be.
MoneyGram Dispels Ripple Fears
Separately, MoneyGram has distanced itself from Ripple, reiterating that the ongoing regulatory scrutiny of its backer Ripple is yet to have any impact on its core business. The payment processing network continues to conduct FX operations, which it started prior to partnering with Ripple and is not dependent on Ripple.
The remarks come hot on the MoneyGram partnering Visa’s heels to launch a first of its kind real-time peer-to peer solution for sending remittances to Asia. The new payment corridor will facilitate the transfer of money between Vietnam, the U.S, and the U.K.
The two global payment companies have partnered with Sacombank and few other major banks in Vietnam to accept funds wired to their customers via Visa Direct.