Blade is a cryptocurrency-to-cryptocurrency trading platform that trades perpetual derivatives contracts. The contracts are not available to U.S. residents. The platform is scheduled to launch in early September 2019.
Products and Services
Blade offers a number of trading contracts for cryptocurrency, including perpetual derivatives and cryptocurrency margin trading, similar to BitMEX.
Blade primarily offers two types of perpetual contracts: "vanilla" perpetuals and "inverse" perpetuals. Vanilla perpetuals are contracts in which profit and loss (P&L) is denominated in the quote currency, or the second currency named in a trading pair (in the case of their XRP/USDT contracts, for example, the quote currency is USDT). Inverse perpetuals are more complex contracts in which the P&L is denominated in the underlying currency (in the previous example of XRP/USDT, the underlying currency would be XRP).
Blade offers contracts on bitcoin, Ripple, Binance coin, Monero, Zcash, and Dogecoin paired against Tether. The exchange does not accept any fiat currency, but does offer a BTC/USD contract that can liquidate bitcoin into U.S. dollars.
Blade offers perpetual derivatives contracts, which are called that because they have no termination date.
Blade also offers margin trading with up to 150-times leverage.
Blade was founded by Jeff Byun and Henry Lee, who previously started a delivery startup that was acquired by Square in 2017. The company raised $4.3 million in seed investments from Coinbase, SV Angel, A.Capital, Slow Ventures, Justin Kan and Adam D’Angelo, the former chief technology officer of Facebook, among others.
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