Singapore-headquartered digital asset exchange, Huobi Derivative Market, on January 25, launched the contract trading of the seventh-largest cryptocurrency, Litecoin [LTC], on its platform. The launch was announced on Huobi’s official Twitter handle. With the implementation of the contract with the leading crypto exchange, LTC will become the fourth digital asset to be registered, along with Bitcoin [BTC], Ethereum [ETH] and EOS, enabling Huobi users to trade the digital currency for the first time on its exchange.
The minimum margin of 1X leverage is 100%, 5X leverage is 20%, 10X leverage is 10% and 20X leverage is 5%. The last trading price in the platform is the last 10 minutes before delivery wherein the users can close positions but not open one. The delivery date is at 16:00 (UTC+8) of the Friday before the expiration week of the contract. For open and close positions Maker, the fee charged is 0.02%; for open and close positions Taker, the fee charged is 0.03% along with a delivery fee rate of 0.05%. Further, the contract is based on LTC/USD of the index references of four exchanges namely, BitStamp, Gdax, Kraken and Huobi each weighing 25%.
After the latest development of Huobi launching Litecoin [LTC] contracts on its Derivative Market, prices of the LTC coins have witnessed a sharp soar. At the time of writing this, the coin held a market cap of $1.95 billion, valued at $32.53. The trading volume was recorded at $36.6 million with an increase of 1.76%. The trading on the Huobi platform has also spiraled upward and have reportedly reached $10 billion in a couple of days. The exchange was also reported to have more than 1.5 million users trading on its platform.
Huobi Global is the ninth-largest exchange dealing with the cryptocurrency according to the CoinMarketCap.
Following the latest contract, in a statement, the CEO of Huobi Global Livio Weng said, “Litecoin is one of the biggest of the altcoins on the market today and we’ve seen quite a bit of demand for it by our users.” He further announced the launch of other altcoins, “We’ll be adding more coin types to the platform as 2019 progresses, with Ripple [XRP] next on our list.”
Incepted in the year 2013, Huobi Global has rebranded from HUBUS Holdco.Inc after expanding its base in the US and receiving exclusive rights to use the US brand called Huobi, earlier this year. Apart from the US and China, Huobi has managed to scale up and has expanded its global footprint globally across Australia, South Korea, and Japan, the last being the most recent country to have acquired the license to initiate the operation. In August 2018, the crypto exchange evolved into a publicly listed Hong Kong company.