Cryptocurrency exchange Gate.io has announced the launch of perpetual contract trading for recently launched BitTorrent Token (BTT).
The perpetual contract, which is becoming a popular investment instrument in the crypto arena, is a derivative product much like futures contracts. These instruments grant investors the ability to profit off of selling digital assets either short or long, similar to futures contracts. However, unlike futures contracts, perpetual contracts have no expiration date.
According to the announcement, “maximum deposit for every investor is currently limited to 1 BTC although it can be raised according to the market risk and rank of the investor in the future.”
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Launched on January 16, Gate.io’s perpetual contract trading service offers a wide range of investment options. The exchange, in total, offers 19 trading pairs under this instrument including BTC, ETH, EOS, XRP, BCH, BSV, LTC, ADA, and TRX.
The Hyped Torrent Token
BTT token was launched last month on Binance Launchpad, the exchange’s platform for token launches. The event gathered a lot of attention, and all the tokens were sold in less than 15 minutes.
Launched after the acquisition of the BitTorrent by Tron, BTT is the native token of BitTorrent Power, a platform designed to enhance the sharing protocol for users and torrent clients. By spending this token, users can experience faster download speeds on the peer-to-peer sharing platform.
The hype of the token can also be seen on the market as the value of the token surged up to 6 times since its listing on the exchanges. BTT is currently trading at $0.000896 apiece after plunging 24 percent in last 24 hours, according to Coinmarketcap.com.