RATE Group | BitMEX Rolls out New Financial Product for XRP
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BitMEX Rolls out New Financial Product for XRP

04 Feb BitMEX Rolls out New Financial Product for XRP

Posted at 15:17h in Cryptocurrency News by

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BitMEX revealed that it will be rolling out a new financial product for XRP. Despite the significance of the announcement, several technical indicators estimate that this cryptocurrency could lose some of the gains made over the past few days. 

XRP Swap Contracts on BitMEX 

On Jan. 23, BitMEX, a cryptocurrency derivatives exchange based in Seychelles, disclosed its intent to launch a new perpetual swap for XRP. The firm announced in a blog post that it will officially introduce the contracts on Feb. 5 at 4:00 UTC. 

The newest perpetual swap will be paired against the U.S. dollar. It will offer investors the ability to trade it with leverage of up to 50x, according to BitMEX. All margin will be posted in BTC and traders will be able to long or short the XRP/USD perpetual contract only using Bitcoin as collateral.

Following the announcement, Arthur Hayes, co-founder and CEO of BitMEX, joked about the actual name of this cryptocurrency since it used to be called Ripple until recently….

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