OKEx launches Bitcoin SV futures trading

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Crypto exchange OKEx has launched futures trading for Bitcoin SV (BSV) and USDT, providing investors with an alternative mechanism for trading BSV.

The Malta-based exchange announced that futures trading would be available from December 5, providing an instrument for trading BSV on margin, denominated in Tether.

#OKExUSDTFutures: We'll be launching #BitcoinSV $BSV/USDT Futures.

We are pleased to inform you that #BSV/USDT
Futures trading will be available on @OKEx from 07:00 Dec 5, 2019 (UTC). Learn more: https://t.co/aKSWibGmcE#Bitcoin #OKEx pic.twitter.com/OvFTtkuehj

— Ryuushi (@_electronicCash) December 5, 2019

One of the world’s leading BSV exchanges, the move puts BSV alongside the existing options for crypto futures on OKEx, and is expected to encourage more investors to take positions in BSV. It comes at a time of increasing investor and developer interest in BSV, as the only cryptocurrency to adhere to the letter of the original Bitcoin whitepaper.

The futures contracts allow traders to take positions today for future settlement, with the opportunity to profit from movements in BSV price in the interim. Contracts have a face value of 0.001 BSV, delivering leverage of between 0.01x and 20x.

The contracts settle every Friday, with expiry either weekly, biweekly or quarterly, depending on the desired trading timeframe.

It comes just a matter of months after OKEx announced support for daily settlement for its BSV futures, in a move the exchange said would allow traders to make better use of their funds.

At the time, the exchange said daily settlement of futures contracts would allow traders to take profits more often, without being restricted to Friday settlement.

“In futures trading, profits and losses are realized when a position is closed. However, customers are not able to transfer the realized profits out of their accounts before the settlement. Their funds are locked away in the futures account until the settlement on Friday. After daily settlement is implemented, customers will be able to freely move their funds in and out of their futures account without waiting until Friday.”

One of the foremost crypto exchanges in the world, OKEx is ranked 12th by adjusted volume, with over $689 million handled as at the end of August.

The futures offering comes as the latest step towards embracing BSV, after the exchange began supporting Bitcoin back in February 2019.