The futures platform, KuMEX of popular cryptocurrency exchange, Kucoin has announced its intention to begin operating bitcoin monthly contracts in a few weeks’ time.

KuMEX To Offer Monthly Bitcoin Futures Contracts

According to an update that has gone up on their official twitter account, the futures platform revealed that their founder, Michael Gan, speaking at the blockchain life 2019 event in Moscow, unveiled the information that KuMEX will be launching monthly bitcoin contracts soon.

#KuMEX Bitcoin Monthly Contracts are drawing near!?

Today at the #Blockchain Life 2019 Forum in #Moscow, our founder Michael @gan_chun disclosed that KuCoin’s Futures Platform KuMEX will be launching Bitcoin Monthly Contracts in a few weeks.#KuCoin #BUIDL pic.twitter.com/VOa0gNxnGY

— KuMEX (@KuMEX_Official) October 16, 2019

Although much of the necessary information related to the highly anticipated monthly bitcoin contracts like the specific date of the launching is not public yet, we expect the platform to update its community as progress is made in the development of the same.

The news comes following an official announcement by Kucoin that the exchange has revised its exchange center. The revision, according to the announcement made major changes to the platform along basic lines like markets, platform display, and trading functionalities like orders and order books.

Bitcoin contracts have become the goose that lays the golden eggs among futures exchanges. Top crypto exchanges like Binance and other platforms like Bakkt recently introduced Bitcoin contracts to their customers. As this is expected to grow in the future, many smaller exchanges are venturing into the same endeavors to gain considerable market share.

KuMEX Initiates Trading Competition

KuMEX, which is the futures subsidiary of top crypto exchange, Kucoin has been in operation for a couple of months now. Since it was launched recently, KuMEX opened the Bitcoin Perpetual Contract (XBTUSDM) and offered up to 20x leverage. As a form of celebrating the kick-off, KuMEX initiated a trading competition in which 10,000 KCS were being offered as rewards for customers according to their return rate ranking. The platform currently supports three types of order: limit order, market order and stop order.

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Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com