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Cryptocurrency exchange operator Huobi Group has announced that its crypto contract trading platform Huobi DM exceeded $12 billion in cumulative trading volume in its first full month of operation.
Huobi DM was launched in November in beta mode with BTC contract trading. The platform was officially launched on December 10 and was integrated with Huobi Global, Huobi's flagship cryptocurrency exchange.
"We're incredibly happy with Huobi DM's rapid growth in December and we think it illustrates the strong desire that is out there from institutional traders and professional traders," said Livio Weng, CEO of Huobi Global. "The time has come for tools to manage the risk and volatility of cryptocurrency – particularly during bear markets, like the one we find ourselves in now."
Huobi DM allows users the ability to take long and short positions on Bitcoin (BTC), Ethereum (ETH), and EOS (EOS), providing options for arbitrage, speculation, and hedging that were not previously widely available in crypto trading, the company said. The platform offers weekly, bi-weekly and quarterly contracts.
Huobi said that it will continue to enhance Huobi DM over the course of 2019, adding additional contract types and enhancing the platform's features.
