Trade Mining Drives BitCoke Volume to a Record $5.6 Billion a Day, Eyeing Derivative CEX for the Next Leap
New York, New York--(Newsfile Corp. - December 14, 2021) - BitCoke, a Hong Kong-based emerging crypto exchange, is making serious headway in derivative business by adopting a new form of trading mining to spur user activities. On 9th December 2021, (the second day of its trade mining campaign), according to data compiled by CoinMarketCap, a popular listing website, BitCoke scored $5.67 billion in derivative volume, a 4.2 times hike over a normal trading day, propelling BitCoke to No. 7 in CoinMarketCap derivative ranking by volume.
At the eve of launching its platform native token - COKE, James He, Co-founder of BitCoke, said the ongoing trade mining was part of the efforts to attract users by rewarding participation with COKE, which is scheduled to debut in January 2022.
He attributed the influx of users and high trading activities to the scheme of trading mining campaign, which mimicked the one in Dydx but with great improvements, as well as the professional features that brought about high user retention rate, which, He said, is also the key factor that makes BitCoke stand out amid fierce competition in the industry.
On its homepage in CoinMarketCap website, BitCoke is introduced as a dedicated derivative exchange for professional traders and institutions, featuring no downtime, high speed and low fees. As a few of its highlights, BitCoke is the first exchange in crypto space that offers Quanto swap as its flagship perpetual contract product, enabling users to choose BTC/ETH/USDT as margin, a.k.a. Settlement Coin, to leverage trade and settle all contracts on the platform. In addition to TradingView chart, BitCoke has developed its own proprietary chart system that entailed numerous trader-friendly interface, layouts, and drawing tools. It also embraced the general trend in asset management, rolling out Fund system in late 2020, which empowers the master accounts in BitCoke to implement asset management functions over affiliated sub-accounts, like fund transfer, setting risk profiles, leverage, alert, etc. On top of the three highlights, BitCoke clearly puts great emphasis on trading procedures. It has a fast match engine, superb liquidity, cold storage asset isolation, delivering the best derivative trading experience.
Behind these achievements is a highly capable team which is composed of senior technical specialists, traders, and product managers who all have extensive experience in the finance or crypto sector - the team descriptions on BitCoke website shows.
While BitCoke may not be a high-profile exchange with much publicity, it's been steadily grabbed and retained users around the world, and grown into an important player in the exchange arena because of its professional products, longtime dedication and focus by the team. The recognition in its products and performance over the past three years is epitomized by the high demand from crypto VCs in COKE's private fundraising round, according to James He, who is responsible for institutional partnership. He indicated that BitCoke has signed agreements with a dozen of institutions, such as 7 O'clock, Scorpion VC, who all are committed to investing in COKE and BitCoke's future growth. He also confident that there is a robust demand for COKE in the upcoming public IEO.
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