Three weeks prior to its launch, crypto derivatives exchange Blade has raised $4.3 million from major cryptocurrency platform Coinbase and investment firm SV Angel. Blade is looking to enable users to trade with cryptocurrency-based perpetual swap contracts with three new improvements.
Firstly, perpetuals contracts will be drawn up using standard, simple contracts. Secondly Tether’s stablecoin USDT will be used for settlements and margins. Lastly, Blade will allow a 150 times leverage rate for cryptocurrency trading pairs.
CEO Jeff Byun commented, “In the long term, we want to be the CME of crypto […] Coinbase and Binance are building this foundational structure for crypto, but I think we are too and in a sense that derivatives are at their core about risk transfer, we want to be building the foundational layer for risk transfer in the crypto markets.”
A report published by TechCrunch explains how perpetuals can be used to bet on the price of a particular cryptocurrency with respect to another currency. Interestingly, perpetuals do not have any expiry date, unlike futures.
The post Upcoming derivatives exchange Blade nabs in $4.3 million from Coinbase and SV Angel appeared first on BlockInspect .
Upcoming derivatives exchange Blade nabs in $4.3 million from Coinbase and SV Angel
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