Crypto derivatives trading platform Huobi DM has revealed its plans to add support for EOS, the world’s fifth largest cryptocurrency by market cap.
This Christmas season is rich in different crypto news from numerous projects and it looks like they are doing their best to finish this controversial year for the crypto industry on good terms.
As it has been recently revealed, the Singapore-based cryptocurrency exchange Huobi’s derivatives wing, known as Huobi Derivative Market, is going to introduce an EOS contract.
EOS in 2018
According to the Huobi’s plans, the EOS coin will be added to the exchange’s trading service this Friday, on December 28. Such a move will contribute to the expansion of the EOS market and will definitely have a positive impact on the coin’s trading volumes.
This year has become a very significant one for EOS. In the summer, following EOS separation from Ethereum network and its ERC-20 token standard, EOS mainnet was launched. But just like XRP, EOS is often criticized for being centralized.
At the current moment, EOS is included in the top-10 cryptocurrency list by market capitalization. Though some months ago, its price managed to exceed the mark of $6, the coin lost a serious part of its value and some weeks ago it was traded for just $1.74.
In November, EOS managed to replace Bitcoin Cash at the fourth position in the list of the major cryptocurrencies, but at the press time the coin is the world’s fifth largest crypto by market cap and is traded for $2.54. Currently, EOS market cap is $2 298 249 041.
The largest share of the entire EOS trading volume is ensured by traders working on the OKEx exchange, Huobi occupies the fourth position in this list. Nevertheless, the recent Huobi’s initiative may significantly change the situation.
Huobi Derivative Market
Huobi Derivative Market was launched just about a month ago and was announced in the framework of the Cryptofrontiers conference in New York City on November 28. The main aim of the platform is to give users an opportunity to trade crypto contracts on various coins.
Originally, it was possible to work only with Bitcoin and Ethereum contracts but now it will be expanded to EOS as well. As it has been revealed, Huobi presented contracts on a weekly, bi-weekly and quarterly basis, at the same time it offered tools necessary for arbitration, speculation, and hedging. Moreover, it is known that Huobi DM has a good insurance fund that contains around 20,000 BTC.
Speaking about their initiative to create Huobi DM, Livio Weng, the CEO of Huobi Global, stated:
“Sophisticated traders are increasingly looking for a broader range of tools, integrating Huobi DM with Huobi Global allows us to better serve those user’s needs by offering them our full range of trading services in one convenient place.”
Among the recent news received from the Huobi exchange, it’s also worth mentioning that under the unstable market conditions, the company is trying to optimize its business strategy and review its priorities. As a part of its optimization, it has taken a decision to reduce the number of its staff.
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