The mobile app of China’s largest Bitcoin trading platform OKCoin now has a virtual futures trading function, according to Chinese blogs.
Through the OKCoin Mobile APP, users can gain access to virtual bitcoin futures, stock futures, account funds transfer, K-line analysis, market overview, and other functions.
Run through its international arm, OKCoin began beta testing international online bitcoin futures trading in August 2014. OKCoin says its trading volume in two months has improved steadily, exceeding 35,000 Bitcoin virtual futures contract positions and daily trading volume of 110,000 Bitcoins.
In the service, there are multiple types of bitcoin currency futures contracts based on:
- Bitcoin (BTC) / Litecoin (LTC) settlement
- par value of a contract is US$100 priced in BTC or LTC terms
- Weekly, Biweekly and Monthly contracts are available for trading
“Through the currency futures, currency hedging can be achieved. Using the currency futures to hedge currency price fluctuations risks solves the biggest problem of bitcoin payments—high volatility caused by high risk, thus promoting the development of bitcoin payments business.” said OKCoin CEO Xu Mingxing.
Founded in 2013, OKCoin closed a $10 million Series A fundraising round in March 2014 that included Mandala Capital, VenturesLab, and Ceyuan Ventures among the investors.