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NEWS

Cardano launches ADA futures on BitMEX  

ADA tokens now tradeable on BitMEX, a leading cryptocurrency trading platform

Cardano Foundation, IOHK and Emurgo, the three partners behind leading blockchain Cardano, today announce that ADA, Cardano’s cryptocurrency, is now tradeable on BitMEX, the cryptocurrency leveraged trading platform.

The listing bolsters Cardano’s presence in Asia following the launch of ADA, now a top-five cryptocurrency by market capitalisation, on a series of listings on exchanges in October and November 2017, including Bittrex, Binance and CoiNest.

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

To coincide with the launch, BitMEX is offering a $100K giveaway to customers who trade the new contract. The contest runs from January 8th to January 15th. For details, see https://blog.bitmex.com/ADA_competition/.

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 as 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.”

Details of the BitMEX-ADA fixed date contract are available here.

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