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Crypto derivatives exchange Huobi DM has launched contract trading for litecoin (LTC) on its platform.
Litecoin is latest addition to the platform, which already offers weekly, bi-weekly, and quarterly cryptocurrency contracts for Bitcoin (BTC), Ethereum (ETH), and EOS (EOS). Huobi DM said that it plans to add more coin types to its cryptocurrency asset trading service in 2019 starting with Ripple (XRP).
Litecoin is currently the seventh largest cryptocurrency in terms of market capitalization. With its inclusion on Huobi DM, traders will be able to take both long and short positions on LTC, allowing for arbitrage, speculation, and hedging.
"Litecoin is one of the biggest of the altcoins on the market today and we've seen quite a bit of demand for it by our users," said Livio Weng, CEO of Huobi Global. "We'll be adding more coin types to the platform as 2019 progresses, with Ripple next on our list."
Between 2013 and present, the price of LTC has fluctuated from less than $2 to $360.66. Weng added:
"Given the huge changes in price Litecoin and other digital assets regularly experience, Huobi DM can be a powerful tool in managing risk and uncertainty.”
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.
Huobi has a 20,000 BTC Huobi Security Fund to protect users against catastrophic security failures. In addition, it has a dedicated Risk Management Insurance Fund for each trading pair against unfilled liquidation order losses. It recently increased the funding for the insurance funds to 71.2 BTC, 1,489.7 ETH, and 48,055 EOS.
