Huobi Group, a Singapore-based crypto exchange, launched the Huobi Derivative Market exchange Tuesday. Dubbed the Huobi DM, the new offering allows users to place bets on cryptocurrency prices across different countries.
What does this mean?
Huobi DM users will now be able to buy or sell cryptocurrencies at fixed prices on a set date.
Traders will be able to place short or long positions through the market’s futures contracts and hedge their risk amid continued price volatility.
For those traders that want to take advantage of the “bear market”, you can now do so with Huobi DM.
Joshua Goodbody, general counsel of Huobi’s global institutional team commented on this press:
“We see more and more sophisticated investors and traders … looking to gain exposure, including institutional players. At the same time, we think many experienced, successful cryptocurrency traders are looking for a broader range of investment tools than has traditionally been available,”
While similar services already exist, Huobi DM is hoping to differentiate with its 24-hour monitoring, insurance protection of up to 20,000 BTC, and a circuit-breaker that prevents traders from forced liquidation similar to those employed by New York Stock Exchange.