In its most recent announcement today, Hong Kong-registered crypto exchange Crypto.com has revealed it will be launching derivatives trading later in the year. This will place it in competition with derivatives exchanges such as Binance, Deribit, and BitMEX. This is just one of the exchange’s future plans to upgrade the platform and make it a hotspot for crypto traders.
Crypto.com has been making significant progress in the cryptocurrency trading space. Founded in 2016, the company has put several modalities in place to make the exchange very convenient for traders. This includes the launch of the Crypto.com app for seamless buying, storing and exchange of digital assets all within the in-built wallet. The wallet also allows paying for goods and services with crypto, thus encouraging adoption.
It also has the MCO Visa Card, a metal card which users can own for free as well as the Crypto.com chain that allows users to both receive payment in crypto and send crypto anywhere in the world. The recent upgrade has introduced more interesting features including an improved matching engine with 10x increase in performance and throughput, improved scalability, security and latency which makes for a robust risk engine and high leverage margin and derivatives trading as the exchange ventures into derivatives trading.
The exchange is also launching a new reward system for users including free trading for the first 90 days for new users and up to 50% fee reduction on trades for existing users. Crypto.com’s wallet currently supports 7 fiat currencies and 55 cryptocurrencies with plans to include more in the future in line with its vision to drive the adoption of cryptocurrencies.
With the plan to launch derivatives trading later this year, the exchange is set to attract more traders and investors and could be a formidable contender with leading derivatives exchanges due to the aggressive development of its platform.