Crypto exchange KuCoin opens beta test on new 3x leveraged BTC and ETH tokens
KuCoin, a popular bitcoin/cryptocurrency exchange, has announced that its forthcoming leveraged token product has been made available for beta testing.
The first set of leveraged tokens offered include bitcoin (BTC) and ether (ETH); with the ability to go long or short: BTC3L, BTC3S, ETH3L, and ETH3S.
Beta test invited users will be able to trade the tokens in the KuCoin Sandbox. The feature will be officially launched later this month.
Leveraged Tokens on KuCoin
BTC3L and BTC3S represent bitcoin (BTC) and both leveraged tokens have been applied with 3 times leverage. This means that when bitcoin’s price increases by 1%, the net value of BTC3L will increase by 3%, whereas that of BTC3S will drop by 3%.
“KuCoin Leveraged Tokens have unique features, such as zero margin fees and no risk of liquidation. With the launch of this service, KuCoin will give users easier access to more advanced investment tools. Next, KuCoin Leveraged Tokens will support more top coins like LTC and trending coins in the DeFi field or Polkadot ecosystem, complementing KuCoin’s ecosystem as a leading crypto trading service provider.”
– KuCoin CEO, Johnny Lyu