RATE Group | Leading Cryptocurrency Derivatives Exchange Launching XRP Swaps
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Leading Cryptocurrency Derivatives Exchange Launching XRP Swaps

26 Jan Leading Cryptocurrency Derivatives Exchange Launching XRP Swaps

Posted at 22:40h in Cryptocurrency News by

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Cryptocurrency and derivatives trading platform BitMEX is set to launch the XRP-US dollar (XRP/USD) quanto swap.

The quanto swap derivative allows traders to speculate on the price of XRP/USD without having to deposit US dollars. While the price of XRP will be tracked using USD, a third foreign currency will be used to settle the contract at a particular interest rate.

In a blog post, the exchange has announced that the new derivative will be launched on February 5, 2020.

In addition, BitMEX says it’s scrapping its UP and DOWN contracts for XRP, which give traders a way to bet on the potential upside and downside of the third-largest cryptocurrency.

January has been a big month for XRP derivatives. At the start of the new year, Binance Futures launched perpetual futures contracts for XRP which are tradable against the stablecoin Tether (USDT) and give speculators up to 75x leverage.

In its fourth-quarter XRP Markets Report, Ripple says crypto derivatives are an…

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