Cryptocurrency exchange Huobi Global recently made it known that it has launched TRON (TRX) futures contracts on its contract trading platform, Huobi Derivative Market (“Huobi DM”).
Huobi DM Now Has Seven Contracts
The addition of TRON (TRX) futures contracts brings the total number of futures on the platform to seven.
Upon launching late last year, it was established that the Huobi DM will make it possible for traders and investors to sell cryptocurrencies “at predetermined prices at specified times in the future” gives “investors and traders the ability to open both short and long positions, as well as more advanced tools for hedging positions and controlling risk and uncertainty.”
General Counsel of Huobi’s Global Institutional team, is Joshua Goodbody also expanded on why the platform was created.
He said:
“Cryptocurrency is a rapidly expanding and maturing market. As part of that maturation, we see more and more sophisticated investors and traders from more established financial markets 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. Huobi DM is tailor-made to address these sorts of needs.”
Upon launching, the platform only supported the two most powerful cryptos, for Bitcoin (BTC) and Ether (ETH). Later on, other crypto contracts were added to the platform
Ross Zhang, CEO of Huobi Group, said in a recent press release that:
“The addition of Tron is another big step towards our goal of making Huobi DM the most powerful and flexible platform of its kind. We look forward to adding even more coin types over the course of this year.”
To mark the addition of the Tron contract to the platform, Huobi will be giving away one million TRX tokens to Huobi DM traders. Also, “a 100% maker fee rebate on TRX contracts will be provided.”