Many crypto-traders and enthusiasts are only aware of the existence of futures contracts for the prominent coins of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). BTC futures contracts are offered by firms high up in Wallstreet through the CME Group and CBOE (The Chicago Board Options Exchange). ETH futures contracts are also being considered by the CME and CBOE as well. However, one online trading firm currently offers all 4 futures contracts of BTC, ETH, LTC, and XRP.
It is with this background that the possibility of having Tron (TRX) futures contracts on the Bitmex exchange is a bit exciting for any TRX HODLer or trader.
BitMex (Bitcoin Mercantile Exchange) is a trading platform that offers investors access to the global financial markets using only Bitcoin as its ‘base currency’. Therefore, the TRON futures contracts will be paired against BTC. The exchange made the announcement on the 25th of June via its official blog.
In the announcement, the exchange stated that:
“Due to popular demand, we will be listing the BitMEX TRON / Bitcoin 28 September 2018 futures contract, TRXU18, on or before 26 June 2018 08:30 UTC.”
However, due to the extended systems upgrade by Binance today, 26th June, Bitmex decided to postpone the launch of the new product by adding the following to the first announcement:
“Update: due to the current Binance system downtime, the BitMEX TRXU18 listing will be postponed. We will post another update before listing.”
Futures contracts are sometimes frowned upon for traders are basically betting in an unknown future. It is therefore viewed as a sort of gambling that could be very profitable as well as a good way of losing a lot of investment capital. Take for example the recent hacks on Coinrail and Bithumb plus the flash crash of Friday, 22nd of June. No one knew that all these events would happen. Anyone who decided to short BTC was a happy trader. Anyone who had bet long on BTC going up was not.
In a nutshell, the planned addition of TRX futures contracts by BitMex means that traders love the digital asset enough to request the exchange to offer the new TRX product. TRX currently has over 1.2 Million HODLers according to the project’s website. The fact that the TRX futures contracts are being offered by a cryptocurrency exchange and not Wallstreet, means that the digital asset might not be subject to major manipulation as was the suspected case with BTC when its futures were offered by Wallstreet back in December.
Anyone willing to trade in the new product by the exchange needs only create an account with Bitmex.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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