BTSE, a crypto spot and futures exchange, on Thursday launched futures trading services for Monero, a privacy-focused digital currency.
This new instrument will allow traders to take long and short positions on the privacy coin, a service that is available on a handful of digital asset exchanges.
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Monero vs. exchanges
Launched in 2014, Monero was introduced to overcome the privacy hurdles with Bitcoin by completely hiding the transaction details. However, this prime feature of this cryptocurrency has made is popular among cybercriminals, and it became the top choice for extortion.
In addition, the privacy feature of Monero also alarmed the mainstream financial regulators for its use in money laundering and terror financing.
“We believe that privacy is one of the most important tenets of a strong digital currency,” Jonathan Leong, chief executive of BTSE, said. “In listing Monero, we hope not only to provide our users with more choice when it comes to their trading needs, but to spark a conversation on how to list privacy coins in a regulatorily-compliant fashion.”
With a market cap of over a billion, Monero is trading at a price of $59.28 apiece on the spot market, according to Coinmarket.com. The coin rallied over 10 percent in the last seven days under the shadow of Bitcoin’s price surge.
“Cryptocurrencies such as Monero present a tremendous opportunity for financial liberation and inclusion. We feel that our role in the ecosystem will allow us to provide governmental bodies with a fair assessment of the best practices for listing such assets,” Leong added.