Cryptocurrency Derivatives Series: Can Blade's Derivatives Contracts Confront BitMEX?

We recently witnessed news pertaining to cryptocurrency derivatives scope, ‘Blade’ is geared up for unveiling a new cryptocurrency derivatives exchange in upcoming weeks.

As a part of this project plan of cryptocurrency derivatives exchange, the firm raised funds of $4.3 million from the renowned cryptocurrency platform ‘Coinbase’ and the major investor ‘SV Angel’. 

Blade’s funding intentions are reported by Tech Crunch in the recent past. The report signifies that Blade is intending to render trading service mechanism for cryptocurrency-based perpetual swap contracts.

'Blade' is expected to launch in three weeks, will offer perpetual crypto swap contracts with leverage as high as x150. As a part of this arrangement, both short and long term investors tend to gain profits from selling off crypto assets. Perpetual contracts are quite different from futures contracts with no expiry.

Such crypto derivatives will offer clients with options of 150x leverage on both BTCUSD and BTCKRW contracts. Other crypto pairs are XRPUSDT, BNBUSDT, ZECUSDT, XMRBTC, and DOGEUSDT. 

Since Korean Won fiat pairing is also available, the derivative exchange intends to render services similar to BitMEX with the target audience as the Asian crypto avenues.

Mr. Jeff Byun, the co-founder of ‘Blade’ thinks although the regulatory authorities are scrutinizing ‘BitMEX’, a huge outflow of funds are observed, as Blade aims for heavy competition for market recognition. ‘Can Blade withstand such competition’ is yet to project and come into the limelight.