Huobi, the Singapore-based cryptocurrency exchange announces the launch of their Derivative Market, dubbed as Huobi DM aka Huobi Derivative Market. The new platform was presented by the exchange firm at the Cryptofrontiers conference in New York City on Nov. 28.
According to a press release shared with Cointelegraph, the platform boasts that the Huobi DM will enable customers to engage in cryptocurrency contract trading on both rising and falling cryptocurrency prices. Tools for hedging and controlling risk and uncertainty are provided to achieve that aim.
Contract trading allows investors to purchase or sell virtual currencies at a predetermined price and time in the future. This enables them, investors and traders, an opportunity to open both long and short positions.
Currently, in its beta testing, the platform will not be available for customers in the U.S., Singapore, Israel, Malaysia, and Hong Kong, among others.
Huobi announced in October, the creation of PAI Coin, and a “stablecoin solution.” The project, known as HUSD, consists of Huobi’s own stablecoin asset which investors can use as a go-between to interact with four U.S. dollar-backed stablecoins currently listed on the exchange. HUSD will also be tradeable against other cryptocurrencies, beginning with controversial stablecoin Tether (USDT), followed by Bitcoin (BTC) and Ethereum (ETH).
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