HONG KONG, 15th November 2019 – BBOD, world’s first zero-fee, non-custodial cryptocurrency derivatives trading platform with an unprecedented level of security and transparency, is now live and open for business.
The lack of transparency, trust, and adequate fund security at centralised exchanges has grown urgent demand for better custodial practices, separating user funds from the funds of the holdings of the exchange.
During a recent press conference, Jacob Ruczynski, CEO at BBOD, explained the security feature: “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 decentralised smart contract account. No private keys are created. Therefore, the keys can not be stolen by hackers.”
“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.” he added.
BBOD partners with TrustToken to offer the world’s first TUSD-settled perpetual futures contracts with up to 50x leverage, allowing market participants to go long or short on various cryptocurrencies, empowering them to express sentiment and manage risk more effectively using a stablecoin collateral. The instrument has no expiration dates, unlike fixed maturity futures.
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 to become the most liquid and secure marketplace to trade altcoins with high leverage aiming to list perpetual futures contracts on +50 cryptocurrencies by the end of 2020.
In the first stage the BBOD platform will offer perpetual contracts on the following 17 underlying cryptocurrencies against TUSD with up to 50x leverage: Bitcoin, Ethereum, Ripple, EOS, Tron, NEO, Binance, Litecoin, Stellar, Cardano, IOTA, Monero, NEM, ICON, Elastos, Decred, Digibyte.
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.
“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,” he added.
In the next stage, the zero-fee BBD-settled market will be launched with 4 contracts: BTC, ETH, EOS, LTC vs. BBD on December 9th, 2019. There will be no transaction fees (zero) on the BBD-settled futures markets (eg. BTC/BBD perpetual contract). Traders need to use the BBD token as a collateral, so balances and PnL is denominated in BBD.
Additionally, BBOD will be conducting a non-dilutive public offering of 8,000,000 BBD tokens which is starting on the 19th of November, 2019. Interested parties may purchase BBD tokens with up to a 60% discount in relation to the intended price of the token at the BBD/TUSD spot market; to be launched on December 10, 2019.
To learn more about BBOD’s cryptocurrency derivatives trading platform, visit their official website at http://www.bbod.io
BBOD is a fully transparent, non-custodial cryptocurrency derivatives trading platform for retail and institutional clients, offering a secure and transparent marketplace to trade Bitcoin and multiple Altcoins futures contracts with a stablecoin collateral. The non-custodial nature of the platform means that BBOD does not hold either the clients’ digital assets or their private keys. Instead, a client has their own contract account on the Ethereum blockchain.
For more information, please visit https://bbod.io/
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This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.