BBOD Launches Highly Leveraged Monero Perpetual Futures Contract
BBOD, a global leader in offering altcoin perpetual futures contracts has launched Monero (XMR/TUSD) Perpetual Futures quoted and settled in TUSD. The new derivative contract is now trading at BBOD with up to 25x leverage.
Monero is a private decentralized digital currency, which started out in 2014 as a fork of Bytecoin – the first private cryptocurrency to be created. The Monero protocol obfuscates the 3 parts of any cryptocurrency transaction: the sender, the receiver, and the amount sent. Transactions on the Monero blockchain are untraceable and unlinkable so no one can tell where they originated from and no one can not connect any two transactions together. Monero currency called XMR is mined through computers using a Proof-of-Work protocol.
To get to know more about Monero please watch our interview with Diego Salazar aka Rehrar, a contributor in the Monero community.
Contract trading allows users to leverage their accounts with funds they do not actually possess. This can lead to far greater profits but also greatly amplify losses. BBOD’s XMR-TUSD perpetual futures will allow market participants to go long or short on cryptocurrency with leverage, empowering them to express sentiment and manage risk more effectively. The instrument has no expiration dates, unlike fixed maturity futures.
The contract is designed as a perfect risk management tool for the Monero miners, as this group is capable of making a fairly accurate estimate of their income in Monero. If this is known, the dollar value of this future income can be fixed before mining is started; for this purpose, miners can use BBOD’s Monero Futures.
Jacob Ruczynski, CEO at BBOD, said: “BBOD is excited to offer the world’s first Monero perpetual futures contract with 25x leverage on our trading platform. There has been a strong client demand for this product. Long-term investors may now effectively hedge the value of their Monero holdings ahead of high volatility events. They can sell Monero Futures if they think that the price of the underlying asset will temporarily go down without a need to sell the cryptocurrency on the cash market. Finally, we believe a well-functioning XMR-TUSD perpetual futures market will increase the price transparency significantly and provide valuable and inexpensive information for the Verge market participants”.
This new futures contract expands BBOD’s derivatives offering which currently includes the following perpetual futures contracts: Bitcoin, Ethereum, Bitcoin Cash, Ripple, EOS, Litecoin, Binance, Monero, Stellar, IOTA, Cardano, NEO, Chainlink, Cosmos, Tezos, VeChain, Digibyte, and Dash, all quoted and settled in TUSD.
BBOD is to become a leader in offering a wide range of altcoin perpetual futures and this launch is just the beginning as we will introduce new additions to the product offering in the future. BBOD is going to list +100 altcoin perpetual contracts by the end of 2020, to become the most diverse and secure crypto derivatives marketplace to trade altcoins with high leverage.
BBOD (Blockchain Board of Derivatives) is the world’s leading and most diverse cryptocurrency derivatives marketplace offering the widest range of futures contracts for trading and risk management for retail and institutional clients.