Huobi Expects to Add More Coin Types to Its Cryptocurrency Asset Trading Service in 2019 Starting with Ripple (XRP).
Starting , Huobi Derivative Market (Huobi DM) users can trade Litecoin (LTC) on the crypto asset contract service.
“Litecoin is one of the biggest of the altcoins on the market today and we’ve seen quite a bit of demand for it by our users,” said Livio Weng, CEO of Huobi Global. “We’ll be adding more coin types to the platform as 2019 progresses, with Ripple next on our list.”
Inclusion on Huobi DM means traders will now be able to take both long and short positions on LTC, allowing for arbitrage, speculation, and hedging.
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Between 2013 and present, the price of LTC has fluctuated from less than USD $2 to USD $360.66. “Given the huge changes in price Litecoin and other digital assets regularly experience, Huobi DM can be a powerful tool in managing risk and uncertainty,” Weng said.
In addition to EOS, Huobi DM currently offers weekly, bi-weekly, and quarterly cryptocurrency contracts for Bitcoin (BTC), Ethereum (ETH), and EOS (EOS).
Huobi DM sets itself apart via:
- Competitive fee structure for LTC: 0.02% to open or close for makers and 0.03% to open or close for takers with a delivery fee of 0.05%.
- Superior risk management: including Price Limit, Order Limit, and Position Limit.
- Superior risk control: with sophisticated price limit mechanism, no claw back has occurred since its launch.
- Real-time risk supervision: constantly monitor contract prices, index prices, abnormal transactions, and positions.
- Newly raised open position limits for all crypto contracts to up to twice their previous level
- User protections: In addition to a 20,000 BTC Huobi Security Fund to protect users against catastrophic security failures, Huobi also has a dedicated Risk Management Insurance Fund for each trading pair against unfilled liquidation order losses. Funding for the insurance funds recently increased to 71.2 BTC, 1,489.7 ETH, and 48,055 EOS.
A timeline of Huobi DM’s growth:
- November 21: Huobi DM launches in beta mode with BTC contract trading
- December 5: Huobi DM launches ETH contract trading
- December 10: Huobi DM exits beta mode and is integrated with Huobi Global, Huobi’s flagship cryptocurrency exchange. Huobi DM’s daily trading volume reaches USD $195 million for the first time
- December 25: Huobi DM’s 24-hour trading volume breaks through USD $1 billion for the first time
- December 28: Huobi DM launches EOS contract trading and reaches USD $10 billion in cumulative trading volume
- December 31: Huobi DM’s first month cumulative trading volume reaches USD $12 billion
- January 12: Huobi DM’s total cumulative trading volume breaks through USD $20 billion