Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
Bybit has also revealed their plans for the grand opening of cloud mining services on May 20.
Derivatives exchange operator Bybit has announced it will expand its suite of crypto derivatives with the introduction of Ether futures contracts.
The Asian exchange said it plans to start trading futures linked to Ethereum later this week, the latest signal of greater engagement with the crypto investment space. Should liquidity conditions be met, the platform will launch its inverse futures contract in ETHUSD0625 on May 20, and is coming up with another contract, ETHUSD0924, on May 24.
Rise of the Etherverse
The start of ETH futures trading has been hotly anticipated by Bybit’s users as the instruments represent a key mechanism to gain exposure to Ethereum’s native coin as an asset class. The new derivative product is swap-free, i.e. will not require funding fees. Traders can hold their positions free of charge as long as the contracts are valid.
The launch of ether futures gives investors an opportunity to hedge against spot market risks. This has the potential to encourage deep-pocket investors to enter the crypto market and help improve the ongoing maturation of the second-largest cryptocurrency.
The price of Ether has been catching up with Bitcoin’s spectacular rise and the recent upgrades to the Ethereum blockchain. Ether has jumped about 500% this year and the climb is stirring predictions of more gains ahead.
The rise in DeFi and NFTs, which have become on everyone’s minds for the better part of the year, made the issues of jaw-dropping gas fees and sluggish transaction times more critical. The recent Berlin upgrade in April provided some answers to increased fees and slow transactions through the so-called Ethereum improvement proposal (EIP). The next ‘London upgrade’ is set to occur in July 2021.
Also noticeable was Ethereum’s dominance, which has slowly been gaining as Bitcoin dominance continues to decline.
Bybit to Launch Ether Cloud Mining
“As the Bitcoin price continues to stagnate, traders and investors are increasingly looking towards alternatives. We are pleased to launch our new Ether futures contract as rising retail and institutional demand paves way for a new alt season. Ether futures contract and Bybit Cloud Mining join our existing ETHUSD and ETHUSDT perpetual contracts in the ETH product lineup, and will create new opportunities for our clients, whether they are looking to hedge their positions or to further capitalize on future price movements of ETH,” said Ben Zhou, co-founder and CEO of Bybit.
Separately, Bybit has announced the grand opening of their cloud mining services on May 20. Bybit Cloud Mining is aimed at addressing surging demand from customers who want to benefit from mining Ethereum, but have been put-off by its complexity and significant up-front cost.
The crypto mining product is the latest addition to Bybit’s narrow and focused service portfolio, which has registered substantial growth over the past six months.
First launched in March 2018, Bybit provides online trading and mining services, as well as API support to retail and professional investors. In contrast to many crypto platforms, Bybit’s onboarding process is seamless, eschewing the usual KYC process for new users before they begin trading.
These features have made it a popular platform, handling nearly $16 billion in volume over the last 24 hours. This recent activity has also seen Bybit shoot up the rankings on CoinMarketCap, where it is now the fifth-largest cryptocurrency derivatives platform.