Huobi’s Crypto Derivatives Platform Exceeds $12B USD In Cumulative Trading Volume In First Full Monthbr>
Huobi DM, the cryptocurrency contract trading service of crypto exchange Huobi, reportedly saw cumulative trading volume exceed $12 billion in its first full month of operation.
Launched in November 2018, Huobi DM allows users to earn profit from the rising/falling of digital currencies prices – Bitcoin (BTC), Ethereum (ETH), and EOS (EOS) – by going long or selling short based on their own judgment. It provides options for arbitrage, speculation, and hedging that the company claims were not previously widely available in crypto trading.
In its announcement, Huobi said that after integrating Huobi DM with Huobi Global, Huobi’s flagship cryptocurrency exchange on December 10, 2018, the crypto derivatives platform’s daily trading volume reached $195 million. On December 31, Huobi DM’s official first month cumulative trading volume reportedly reached $12 billion.
“We’re incredibly happy with Huobi DM’s rapid growth in December and we think it illustrates the strong desire that is out there from institutional traders and professional traders,” said Livio Weng, CEO of Huobi Global. “The time has come for tools to manage the risk and volatility of cryptocurrency – particularly during bear markets, like the one we find ourselves in now.”
Over the course of 2019, Huobi said that it will continue to enhance the crypto derivatives platform by adding additional contract types and enhancing the platform’s features.