Dubai-based multi-currency and spot/futures exchange, BTSE, has launched Monero (XMR) futures trading, a privacy-focused digital currency.
Based on reports, BTSE becomes one of the first and only exchanges in the world to offer Monero (XMR) futures. Thus, making the world’s largest privacy coin available for trading along with 6 other crypto and 8 fiat currencies.
BTSE post said: “We believe that Monero (XMR) brings a lot of value to BTSE. We’re also excited to offer an additional option for traders and with that, a new gateway for added liquidity within the Monero network.”
What do users stand to gain?
The Monero futures trading option created a lot of opportunities for traders. Firstly, the new instrument allows traders to take long and short positions on the privacy coin. The service only exists on a few digital asset exchanges.
Secondly, Monero futures trading options serves as a gateway for added liquidity to an asset. Since it allows traders to apply various approaches and include the futures product in their overall trading strategy.
Also, the BTSE exchange takes privacy trading on the exchange seriously. Hence, Monero Futures 2.0, the most advanced futures on the market is available. It’s flexible, customizable, and personalized.
Importantly, users can post supported currencies as collateral for trades. As well as, freely choose the asset to receive the payout in. BTSE stands out with this feature makes trading more convenient.
Finally, there’s something interesting for adventurous users, as BTSE offers them up to 100x leverage on Monero futures.
How questionable is BTSE’s decision to list Monero?
BTSE is a relatively unknown, low-volume exchange. It’s also licensed by the department of economic development, the government of Dubai. And regulated by the Central Bank of United Arab Emirates. However, the decision to list Monero comes as a surprise since there’s popular delisting of privacy coin from several other exchanges.
A major reason behind the delisting is the privacy coin’s innate feature: focus on anonymity. This creates a potential regulatory risk.
But, Jonathan Leong, CEO of BTSE, believes privacy plays an important role in a solid digital currency. Also, listing Monero provides the authorities with a measure to assess best practices for introducing cryptocurrencies on the exchange. Long said: “In listing Monero, we hope not only to provide our users with more choice when it comes to their trading needs. But, to spark a conversation on how to list privacy coins in a regulatorily-compliant fashion.”
To remind, Monero announced plans to adopt a new POW algorithm to ward off ASICs mining. Hence, making mining easier.