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BitMEX launches Status token (SNT) futures ahead of ICO

Cryptocurrency derivatives exchange BitMEX continues to add select altcoins to its futures contract listings. After adding QTUM last week, the company announced today the launch of Status futures contracts, expiry 28 July 12:00 UTC with symbol SNTN17. Each contract is worth 1 SNT and the contract offers 2x leverage.

The Status Network is an open source messaging platform and mobile browser to interact with decentralized applications that run on the Ethereum Network. It is scheduled for an ICO at 14:00 UTC on June 17, 2017. The whitepaper draft with more information on the application is available for download.

SNT will be used to power the Status Client, including:

– Governance of the Status Client
– A Decentralized Push Notification Market
– Username Registration using ENS
– Community Curation of Content, powered by UserFeeds.io
– Fiat-to-crypto ‘Teller Network’
– DApp Directory
– Sticker Market
– Access to new features such as Tribute to Talk
– Powering the Status User Acquisition Engine

On BitMEX, the SNT derivative is in the form of a futures contract and allows traders to speculate on the future value of the Status/Bitcoin (SNT/XBT) exchange rate. Traders need not have Status to trade the futures contract, as it only requires bitcoin as margin.

Since the Status platform is still under development, the following rules will apply:

  • SNTN17 will have 25% Up and Down Limit against the previous session close price to prevent price manipulation. Each session is 2 hours long, and session closes occur every even numbered hour.
  • The settlement will occur either at the ICO price (if SNT/XBT trading has not begun) or at the .SNTXBT30M Index Price if SNT/XBT has begun trading prior to 27 July 12:00 UTC.

Further details about this contract can be read in the SNT Series Guide.


Source: CryptoNinjas.net

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