SINGAPORE, March 27, 2020 /PRNewswire/ -- KuMEX, the Bitcoin futures platform developed by KuCoin, today announced that USDT Perpetual Contracts will be officially available on the exchange at around 18:00 on March 30, 2020 (UTC+8) and deposit of USDT has already been enabled.
Unlike the Bitcoin (BTC) Perpetual Contracts on KuMEX, all profits, losses and account balances will be denominated in USDT. To better manage trading risks, the BTC/USDT Spot Index used by KuMEX is the volume-weighted average price of BTC/USDT across six exchanges including Binance, OKEx, Huobi and KuCoin. Also, the trading volume weight will be adjusted on a quarterly basis.
Johnny Lyu, CEO at KuCoin Global, said, "By introducing the world's first Lite Version of Bitcoin futures platform, supporting 10+ languages and now the launch of USDT Contracts, KuMEX is committed to building a simple, reliable and transparent futures platform. The USDT Perpetual Contracts will make it clearer and easier for new futures traders to make investment decisions using USDT, and mitigate the volatility brought by non-pegged tokens."
Along with the launch of the USDT Perpetual Contracts, KuMEX is launching a series of giveaway activities to reward users. Traders will be able to share up to 400,000 USDT by trying out the USDT Perpetual Contracts. More rewards will be given away based on trading volume.
Officially launched on July 8, 2019, the KuMEX platform was developed by the KuCoin team. KuMEX is the only crypto futures platform that enables Level 3 Data, allowing traders to check every single trade on the exchange, effectively avoiding unusual liquidation caused by market manipulation. KuMEX offers up to 100x leverage and currently supports 13 languages including English, Chinese, Russian, Vietnamese, Turkish, etc.