This notice is meant to clarify common questions users have about the BitMEX 30 December 2016 Zcash / Bitcoin futures product.
When Does Zcash Spot Begin Trading?
The genesis block is scheduled to launch at 13:00 UTC today. Many large digital currency spot exchanges have indicated they will open Zcash trading shortly afterwards.
Due to its mining reward system, the supply of Zcash will be severely limited. As a result it may be very difficult to buy physical Zcash. If you instead desire economic exposure on the long or short side, the BitMEX Zcash futures contract may be suitable.
Can You Buy Zcash on BitMEX?
BitMEX only offers a Zcash / Bitcoin futures contract, ZECZ16. Users cannot buy and sell actual Zcash on BitMEX.
ZECZ16 Contract Details:
Contract Value: 1 ZEC
Quote, Margin, and Settlement Currency: Bitcoin
Settlement Index: To Be Determined
Expiry Date: 30 December 2016 12:00 UTC
Leverage: 2x
What Exchange Will Be Used for the Settlement Price?
By 1 December 2016, we aim to announce the settlement exchange(s). We will base our decision on which exchange(s) are leading the market in terms of Zcash / Bitcoin trading volume. This decision is at our complete discretion.
Is ZECZ16 Freely Tradable?
From now until 12:00 UTC, the price of ZECZ16 may not go below 0.391884 XBT (Limit Down), or above 1.175652 XBT (Limit Up).
After 12:00 UTC, all trading limits will be removed. ZECZ16 is then free to trade at any price where buyers and sellers meet.
How Is ZECZ16 Valued?
All long and short positions in ZECZ16 will be valued using the last traded price.
What Happens During Liquidation?
ZECZ16 is classified as highly speculative. As a result, it is margined according to the Auto-Deleveraging System.
Please read the Auto-Deleveraging guide for more information.
Trading ZECZ16 Is Extremely Risky
If you are not comfortable with the inherent risks in trading a new digital currency, please do not trade ZECZ16.
If you have any questions, please reply to this email. (support@bitmex.com)