Blockchain Firm Cardano Lists ADA Futures on BitMEX

Announcements, Blockchain, News | January 9, 2018 By:

Cardano has listed its ADA token on the BitMEX cryptocurrency trading platform. ADA is the fifth largest cryptocurrency by market capitalization. It is currently trading at $0.88 and holds a market cap of over $23 billion.

BitMEX is the fifth exchange to list the ADA token, following a series of listings on exchanges in October and November of last year, including Upbit, Bittrex, Binance, and CoiNest. Cardano also plans to place ADA at two more exchanges, Bitt and Cryptopia.

Launched in 2014, BitMEX is a cryptocurrency derivatives trading platform for professional investors. It provides currency futures trading, derivatives, and other financial products. The platform helps its users speculate on the future values of digital currencies. BitMEX charges a varying rate as commission on each trading transaction.

The ADA listing on BitMEX comes in the form of a fixed date contract. The contract allows traders to speculate on the changing value of the ADA/XBT exchange rate with a leverage of up to 20 times. Traders do not need to have ADA to trade the contract, as it only requires bitcoin as margin. BitMEX is currently offering a $100,000 giveaway to customers who trade the new contract. The giveaway runs from January 8 to January 15.

“The addition of ADA contracts on the BitMEX platform will further assist the cryptocurrency’s transformation into a truly liquid and tradeable asset,” said Arthur Hayes, CEO of BitMEX.

Cardano is an open source decentralized public blockchain and cryptocurrency project backed by the Cardano Foundation, IOHK, and Emurgo. Cardano is one of the first blockchains to be built in Haskell programming language. Haskell is a standardized, general-purpose purely functional programming language, with non-strict semantics and strong static typing.

Cardano’s multi layer protocol performs advanced functions and has at its foundation a settlement layer that is linked to a control layer. The settlement layer handles the balance ledger and basic transaction related computations. The control layer is where decentralized apps and smart contracts are built.