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HomeETHCrypto exchange BitMEX plans to launch Tether-margined ETHPoW to offer trade leverage...

Crypto exchange BitMEX plans to launch Tether-margined ETHPoW to offer trade leverage to users

According to a blog post published by the company, BitMEX, a platform for trading cryptocurrencies and derivatives, plans to launch a Tether-margined ETHPoW futures contract on August 9. According to the statement, the new currency will make it possible for customers of BitMEX to have exposure to ETHPOW with a leverage of up to two times.

BitMEX allows trading in derivatives as well as cryptocurrencies, and said that they will release a USDT-margined ETHPoW futures contract on Tuesday under the trading name ETHPOWZ22. This decision was made a few days after the company’s research team analysed the possibility of a split chain in Ethereum, which would result in the creation of a new ETH Proof of Work (PoW) coin.

The cryptocurrency exchange said in the blog post that after the launch of the new coin, customers of BitMEX will be able to trade ETHPOW with up to two times the normal leverage. The currency may currently only be obtained on the Testnet at this time.

In light of the fact that BitMEX referred to the new coin as a “very speculative contract,” the cryptocurrency exchange made a number of significant adjustments. These modifications differentiate ETHPOWZ22 from the other futures contracts that are available on the platform. Due to the fact that there is not yet “an observable price for ETHPOW,” one of these improvements is the marking of the Last Price.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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