Crypto exchange Huobi has rebranded its crypto derivatives platform to Huobi Futures from Huobi DM.
Announced on Sunday, this came when the derivatives trading platform is witnessing a massive surge in demand for crypto futures contracts.
According to TokenInsight data, Huobi’s derivatives platform has handled 22 percent of all crypto derivatives last quarter, with a total volume of $438 billion.
“The last few quarters have been particularly exciting for the crypto derivatives market, but I’m more excited that the increased activity we’re seeing today may be a catalyst for widespread crypto adoption,” Ciara Sun, Huobi’s head of global business and markets, said.
The exchange also pointed out that along with the increasing institutional demand for crypto derivatives, retail traders are also taking interest in the market.
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“Rising demand for crypto derivatives from both institutional and retail user bases signifies growing acceptance of digital assets and a maturing market, so we’re positioning Huobi Futures to bridge the gap towards traditional financial markets,” Sun added.
Growing demand for crypto derivatives
Known for its spot crypto exchange, Huobi first launched its derivatives platform in late 2018, long before its competitors like Binance jumped into the derivatives sector. The platform received excellent response from the traders, reporting with impressive figures.
The platform is also introducing new products and, according to the exchange, its newly launched coin-margined perpetual contracts are witnessing massive demand.
Notably, Binance’s futures exchange, a direct competition to Huobi for both derivatives and spot exchange services, has become the top platform in-terms of daily trading volume, surpassing the long-dominant BitMEX, according to Coinmarketcap.com.
With this rebranding, Huobi is expecting to appeal to a wider audience and will make its platform more approachable to new traders.
“While a name change is nothing too monumental, for us it represents an acknowledgment of the changing times we have seen in the cryptocurrency trading space,” Sun said while first unveiling the rebranding news.