Huobi Derivative Market, better known as Huobi DM, has expanded its contract trading service by adding Tron (TRX) to its offering list.
TRX is the seventh listing of the exchange as the platform already lists Bitcoin, Bitcoin Cash, Ethereum, EOS, Litecoin, and Ripple.
“The addition of Tron is another big step towards our goal of making Huobi DM the most powerful and flexible platform of its kind,” Ross Zhang, CEO of Huobi Group, said. “We look forward to adding even more coin types over the course of this year.”
Huobi DM Will Launch TRX Contracts pic.twitter.com/RKhAjuGlhl
— TRON’s NEWS (@TRONfollower) April 25, 2019
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TRX is currently the 7th largest coin in terms of total market cap and, as of press time, is trading at $0.0234, according to Coinmarketcap.com. Huobi’s derivative platform will facilitate its clients to take long and short positions on the token, allowing arbitrage, speculation, hedging.
The official announcement detailed the platform will charge 0.02 percent to open or close for makers and 0.03 percent to open or close for takers.
In addition, as part of a promotional program, the exchange has announced a giveaway of $1 million TRX tokens to traders along with 100 percent rebate on the maker fee.
Capturing the crypto market
The Singapore-based digital asset exchange launched its derivatives market in 2018, and it turned out to be a massive success for it as, in little more than a month, the trading volume on the platform surpassed $20 billion, Finance Magnates reported earlier.
Though Huobi had to shut its doors overnight in 2017 by China’s crackdown on crypto, the company is again becoming a mammoth in the crypto industry. The exchange is rapidly expanding its business all over the globe and has a reach from Japan to the United States.
Last week, Huobi opened a new platform for its clients based in the United States and listed three XRP pairs for trading.