Central, Hong Kong-based digital currency derivatives trading platform BitMEX and Singapore-based bitcoin exchange Quoine have announced the world’s first Bitcoin/Yen futures contract, the XBJ24H. According to a press release sent to CoinReport, the daily futures contract allows traders to go long and short on Quoine’s Bitcoin/Yen exchange rate with up to 100x leverage.
The Bitcoin/Yen pair today is one of the most traded bitcoin currency pairs. Quoine, by partnering with BitMEX, can now offer it’s Japanese clients a relevant, world-class derivatives product.
“The BitMEX – Quoine partnership represents a new way that Bitcoin exchanges and trading platforms can collaborate,” the press release explained. “Quoine acting as a broker for BitMEX’s derivatives products, can leverage itself off BitMEX’s trading engine and thus can offer its clients a more sophisticated range of trading projects. In short order, Quoine has transformed itself from a pure spot-based exchange to a fully fledged trading platform.”
Clients of Quoine are able to use bitcoin in their accounts to place orders on XBJ24H. The orders are then routed via Quoine to BitMEX to be executed. Contracts have a 24-hour maturity, and expire at 12:00 UTC each day based on the 11:30 UTC to 12:00 UTC 30 minute time-weighted-average bitcoin/Yen spot price at Quoine.
Logo via press release