KuCoin founder and CEO, Michael Gan, recently announced at the Blockchain Life 2019 Forum in Moscow, Russia, that their Futures Platform KuMEX will launch a Bitcoin monthly contracts product in a few weeks.
At the forum, Gan said KuMEX planned to increase retail participation by reducing the minimum investment required, and that the low penetration rates of derivatives in the crypto space were due to major exchanges like OKEx and Huobi setting high investment thresholds. Changes to their exchange center were also announced, affecting areas such as the display, markets, orders and order books.
Earlier this week, Binance Futures was reported to have a new daily volume record of over $700 million. As of today, the platform has climbed to the No. 2 ranking in trading volume for crypto futures exchanges. Having just launched last month, it could grow to a point where it competes with BitMEX, who currently reigns supreme in the crypto-derivatives space. With Bakkt’s physically settled Bitcoin futures volumes failing to impress, several other exchanges are also looking to provide competition.
The KuMEX platform, launched back in July, currently offers a Bitcoin Perpetual Contract with the ability to trade at 20 times leverage. While it currently supports English, Russian and simplified Chinese languages, they plan to add support for more languages like Vietnamese and Turkish later this year.
