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BCH $512.81 (4.86%)
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DMEX Launches as First Decentralized Derivatives Trading Exchange

DMEX Launches as First Decentralized Derivatives Trading Exchange
  • A new derivatives decentralized trading exchange called DMEX has launched, which it calls “the first of its kind”.
  • Margin trading is one in which users borrow a particular asset from a brokerage firm to purchase an investment.
  • Various blockchain and cryptocurrency-based platforms have created their own products and services to join in the DeFi boom.

A new derivatives trading decentralized exchange (DEX) called DMEX has launched, which it calls “the first of its kind”. Users need not perform a know-your-customer (KYC) prior to using DMEX.

DMEX allows users to use notable cryptocurrencies BTC and ETH as margin currencies, as well as decentralized finance (DeFi) governance token DAI. This is due to DMEX’s integration of pTokens Bridge into its smart contract.

The press release from DMEX explained:

When choosing to use BTC as margin currency, you get a BTC deposit address, and all funds sent to it are tokenized and deposited to DMEX while you still hold full custody of your bitcoin all of the time.

Margin trading is one in which users borrow a particular asset from a brokerage firm to purchase an investment. In the DeFi world, fellow crypto users can lend their crypto assets to others and gain potential profit.

In fact, this is one of the reasons why many DeFi protocols are having lots of money pouring into their platforms. This is inadvertently one of the contributors to the current boom of many cryptocurrencies.

Moreover, various blockchain and cryptocurrency-based platforms have created their own products and services to join in the DeFi boom. For example, prominent crypto exchanges including Binance and Gemini have listed DeFi tokens on their trading platforms.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.