It is with a joyful heart that cryptocurrency users welcome the world’s first zero-fee, non-custodial crypto derivatives trading platform which was launched by BBOD in Honk Kong, 15th November 2019. This user-friendly platform comes with an unprecedented level of transparency and security. As of the time of writing, it is live and ready for business use. It is without doubt that the lack of transparency, adequate fund security, and trust at centralized exchanges has grown and nourished an urgent demand for better custodial practices, separating user funds from the primary funds of the holdings of the exchange.
Jacob Ruczynski, CEO at BBOD, explained the security feature during a recent press conference saying: “At BBOD, custody of cryptocurrencies is completely separate from the exchange. As a result, our platform does not hold private keys to the client’s balances. Instead, each client holds their funds in a decentralized smart contract account. No private keys are created. Therefore, the keys cannot be stolen by hackers.” He went further to say that “All user balances are updated daily and visible on the Ethereum blockchain. The public may monitor in near real-time the number of users registered, their balances and the total amount of funds at the exchange. This design allows BBOD to pass proof-of-solvency and proof-of-reserves audits using solely publicly available data.”
Behold, BBOD partners with TrustToken to offer the world’s first TUSD-settled perpetual futures contracts with up to 50x leverage. This will greatly favor all market participants as it will allow them to go longer or short on various cryptocurrencies. It will do this by empowering all market participants to express sentiment and manage risk more efficiently through the use of a stablecoin collateral. Unlike fixed maturity futures, the instrument has no expiration dates.
Ryan Rodenbaugh, Business Development Lead at TrustToken, said: “We’re excited to continue developing TUSD to better meet the demands of modern markets. Starting as a better way to move money to becoming a staple currency across spot markets, TUSD is proud to now serve the futures and derivatives markets. Empowering crypto traders to enter these enormous markets is part of our ongoing commitment to growing the utility, credibility, and accessibility of cryptocurrencies, and we’re proud to be doing it with BBOD.”
BBOD is expected to become the most liquid and secure marketplace where users can trade altcoins with high leverage aiming to list perpetual future contracts on +50 cryptocurrencies by the end of 2020. In the first stage of operation, BBOD platform will offer perpetual contracts on up to 17 cryptocurrencies. This will be done against TUSD with up to 50x leverage. These underlying cryptocurrencies are: Bitcoin, Ethereum, EOS, Ripple, Tron, NEO, Litecoin, Binance, Stellar, Cardano, IOTA, Monero, Elastos, NEM, ICON, Digibyte, Decred.
BBOD Chief Economist, Piotr Arendarski Ph.D., said: “The cryptocurrency derivatives space still lacks professional, reliable marketplaces to trade altcoins with high leverage, and this is what we provide on our trading platform. We apply the same standards in terms of risk management and compliance as you would see in the established finance space.” He further adds that, “The firm has a number of additional futures contracts on altcoins and on crypto indices in the pipeline and plans to expand its range of services,”
In the next stage, the zero-fee BBD-settled market will be fully launched on December 9th, 2019 with up to 4 contracts: BTC, ETH, EOS, LTC vs. BBD. Behold, there will absolutely be no transaction fees on the BBD-settled futures market. Here, Traders need to use the BBD Tokens as collateral. Hence, balances and PnL is denominated in BBD. In addition, BBOD will be conducting a non-dilutive public offering of 8,000,000 BBD Tokens as from the 19th of November, 2019. Interested parties would be able to purchase BBD Tokens with up to 60% discount. It is important to understand here that this discount will be in relation to the intended token at the BBD/TUSD spot market; to be launched on December 10, 2019.