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Cryptocurrency News

KuCoin announces trading competition

KuCoin was launched in 2017 and is one of the top global cryptocurrency exchanges. They have recently joined the crypto-derivatives trend after BitMEX and Binance. Their newest platform “KuMEX”, offering mini-perpetual Bitcoin contracts with 20x leverage and no expiry date. KuMEX is the second exchange to recently launch crypto-derivatives with 20x leverage and not higher, which may be a result of prevalent BitMEX “100x” liquidations. The pricing will be equal to their Bitcoin Spot Index that will consist of Bitcoin prices from 6 different exchanges: Coinbase Pro, Bitstamp, Kraken, Gemini, Liquid and Bittrex.

To celebrate KuMEX’s launch they have initiated a trading competition with 10,000KCS in total rewards for the winners. The competition will take place on the KuMEX testnet (demo accounts) where the platform will deposit 1XBT into each user’s account. It has started on July 8th and will end on July 15th. The highest reward will go to the winning trader (1,000KCS) which will be determined based on the rate of return.

The recent interest in crypto-derivatives by the largest exchange may well be due to Bitcoin’s recent surge resulting in huge volumes on BitMEX and CME’s Bitcoin futures and hence bringing a considerable increase in profits. This will directly benefit KCS holders as 50% of net revenues from KuMEX will be distributed in the KuCoin Bonus distribution.

Regardless of the underlying reason, developments are required for the maturity of the space. The more financial instruments are offered, the more people crypto-markets will appeal to.

Image c/o KuCoin

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