Bitwell officially launched digital asset derivatives service platform, the world’s first featured option contract debuts
- Guest Posts
- June 9, 2020
According to the official announcement, Bitwell launched its digital assets service platform at 2020/6/6 00:00 (UTC). Spot trading, Option Pro and Simple Option went live simultaneously to meet investment needs of different users.
Unlike others, as a platform features in option contracts, Bitwell has always focused on the optimization and innovation of digital asset derivatives, and it is the world’s first professional option product service platform that supports mixed margin. Users can not only enjoy cross margin and isolated margin provided by the platform, but also experience Bitwell’s unique and innovative multi-currency mixed margin function.
Different from other platforms those only use USDT or BTC as a margin, Bitwell’s mixed margin function enables users to use mainstream coins, such as ETH and XRP, as a margin. In the future, platform token WELL issued by Bitwell will also be added to the list of margin. This also means users do not need to sell digital assets they are holding, especially to sell BTC at a low price to trade contracts.
Bitwell also supports cross margin and isolated margin, isolated margin helps traders to isolate the risk of each position, thereby reducing the risk of serial liquidation; cross margin can improve capital utilization; unilateral net positions will be launched in mid-June, it will further reduce the margin required to maintain positions.
Considering that Chinese users prefer hedge mode, while western users are accustomed to one-way mode, Bitwell supports flexible switching between two modes, which is convenient for ordinary users to use single legged strategy to trade directly and also provide convenience for advanced users and institutional users to formulate complex portfolio strategies for risk hedging.
In general, when trading contracts in Bitwell, users have no troubles with currency exchanging, reduces exchange cost and opportunity cost, and enjoy flexible fund borrowing. More importantly, mixed margin function provides users with more choices, reduces the risk of loss to minimum thus helps users to better control risk. Undoubtedly, Bitwell pioneered digital asset derivatives in this field.
In addition, users’ wallet can manage all trading types, including spot, options, futures and other derivatives, users do not need to transfer funds between multiple accounts. The platform not only supports touch orders, average-price order and limit order, but also supports market price order, Bitwell’s strength of risk control is obvious.
In order to help users complete trading safely and easily, the Bitwell team has worked hard to create a complete set of high-frequency matching engines, using a system architecture for derivatives, with a latency less than 0.1 milliseconds and a matching capacity of 200,000 orders per second. This set of matching engines is suitable for all derivatives, there is no need to change when new derivatives are launched. Even if the system is upgraded, the engine will not be shut down, so that it will not affect normal trading, and users do not sense the whole process.
At the same time, Bitwell independently developed a multi-layer cold wallet system, the assets and private keys are distributed globally, and all deposit addresses assigned are cold wallet addresses. The collection and withdrawal of funds are completed by offline signatures, which provide users with funds security to the greatest extent.
Additionally, Bitwell has also set up an investor protection fund to compensate users in case of market turmoil and losses not caused by users.
According to relevant sources, Bitwell has been open for beta test from 2020/4/6. During the two-month testing period, besides investors, Bitwell involved market makers, financial institutions, seed users with trading background. Bitwell platform has received unanimous praise from all perspectives for its high-performance and high-stability trading experience, as well as featured option product services, and technology strength and risk control capabilities which are comparable to top platforms.
The founding team of Bitwell are composed of senior practitioners from Tencent, Baidu, Sina and other top Internet companies, as well as world-renowned institutions such as Morgan Stanley, IBM and PayPal. Many of them have cross industry backgrounds, and are deeply involved in the area of financial transactions on Wall Street. At the same time, they have many years of practical experience in blockchain assets transactions. The gene of cross industry integration created such a team that perfectly matches digital assets derivatives service.
Founded by such a strong team, Bitwell will give full play to its advantages in digital asset derivatives, and is committed to creating a fair and transparent global digital asset derivative service platform, providing global investors with a safer, more convenient and intelligent blockchain derivatives services. After the official launch, Bitwell will add more trading pairs to enrich the option contract product line to meet the increasingly diversified investment needs of users, and build a complete ecosystem for traditional financial institutions and more users to enter the blockchain world in the future.