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BitMEX launches 20x leveraged futures of Cardano blockchain asset ADA

BitMEX launches ADA (Cardano) futures
Cardano (ADA) is down during the last 24 hours but recently pushed above $1.00. The well-regarded blockchain development launched in September.

Discussed for the past couple weeks, today the Cardano Foundation, IOHK, and Emurgo, the three partners behind the Cardano blockchain officially announced that ADA, Cardano’s native token, is now tradeable on BitMEX, the leveraged bitcoin and cryptocurrency derivatives exchange.

After a series of exchange listings in October and November 2017, including Bittrex, Binance, and Coinnest, ADA is now a top-5 cryptocurrency by market cap.

The ADA instrument on BitMEX is in the form of a fixed date contract that allows traders to speculate on the changing value of the Cardano/Bitcoin (ADA/XBT) exchange rate with up to 20x leverage. Traders do not need to have ADA to trade the contract as it only requires bitcoin as margin.

The technology underpinning Cardano’s ADA token was designed by leading experts, academics and cryptographers over the last two years, drawing on the best features of existing cryptocurrencies including Bitcoin, Ripple, and Ethereum.

Crucially, it is the first blockchain to use a provably secure, proof-of-stake algorithm – the only one to have been academically peer-reviewed by leading cryptographers through its acceptance to Crypto 2017, the world’s top cryptography conference.

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

Michael Parsons, Chairman, Cardano Foundation, said: “This new listing is indicative of Cardano becoming a truly global blockchain platform. We are excited to see Cardano list with BitMEX. Adoption of ADA by new trading platforms is reflective of the bright future that Cardano has a leading blockchain platform.”

Charles Hoskinson, CEO, IOHK, said: “As markets evolve, there is an increasing need for liquidity and more sophisticated trading strategies. I’m glad to see BitMEX list ADA and hope this continues to aid our march towards becoming the financial stack for the developing world.”

Ken Kodama, CEO, Emurgo said: “Listing on BitMEX as a contract is a great step for ADA to have more liquidity and grow the Cardano ecosystem.”

To coincide with the launch, BitMEX is offering a $100K giveaway to customers who trade the new contract:

Start: Monday, Jan 08, 2018, 08:00 AM UTC
End: Monday, Jan 15, 2018, 11:59 PM UTC

Prize Details
Volume Winner $50K The trader who trades the largest amount of Cardano (ADAF18) contracts will receive $50K USD.
Profit Winner $25K The trader who has the largest profit from trading the Cardano (ADAF18) contract will receive $25K USD.
Lucky $5K (5 winners) 5 x $5K Any trader who trades at least one Cardano (ADAF18) contract enters a random draw to win one of the five $5K USD prizes.

The contest runs from January 8th to January 15th. For details, see https://blog.bitmex.com/ADA_competition.

 

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