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Singapore-based cryptocurrency exchange Huobi launched the Huobi Derivative Market (Huobi DM), according to a press release shared with Cointelegraph on 28 November.
Huobi unveiled its new platform at New York's Cryptofrontiers conference today, noting that the Huobi DM allows customers to trade cryptocurrency contracts on both rising and falling cryptocurrency prices. The forum presumably provides tools to cover and control risk and uncertainty.
Contract trading allows users to buy and sell digital currencies at predetermined prices at certain times in the future, offering investors and traders the opportunity to open long and short positions.
Huobi notes that Huobi DM is currently in beta testing and is not available to customers in the United States, Singapore, Israel, Malaysia and Hong Kong, among others.
At the beginning of this month, the Huobi Group created a branch of the Communist Party, Beijing Lianhuo Information Service (BLIS), as part of its obligations towards the Chinese state.
According to Chinese law, any company with more than three employees of the Communist Party must establish its own branch, whereas until recently the practice was mostly limited to state-owned enterprises. Huobi thus became evidently the first business in the cryptocurrency industry to embrace tradition.
In October, Huobi announced the creation of what he calls a "stablecoin solution". The project, known as HUSD, consists of Huobi's stablecoin assets that investors can use as intermediary to interact with four stablecoin supported by the US dollar currently listed on the HUSD exchange will also be negotiable with other cryptocurrencies, starting with the controversial Tether stetheret (USDT ), followed by Bitcoin (BTC) and Ethereum (ETH).
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