Secure High-Performance Crypto Exchange Bit.com Lists Tranchess (CHESS)

SINGAPORE, Nov. 3, 2021 /PRNewswire/ -- Bit.com, a secure high-performance cryptocurrency derivatives exchange, announced the listing of Tranchess (CHESS) and the opening of CHESS/USDT spot trading.

The listing is in line with bit.com's goal of providing a one-stop trading experience for its global users. As a tokenised asset management and derivatives trading protocol, Tranchess provides an integrated DeFi offering across single-asset yield farming, borrowing, lending and trading. With the listing, bit.com aims to provide a superior trading experience and best-in-class liquidity, suitable for all risk appetites, with industry-leading technology, security, and risk management.

"Long-term crypto asset holders are looking for new avenues to stake and generate yield, while those looking to enter the market are seeking increased liquidity and flexibility. Listing Tranchess allows us to offer an innovative, all-in-one solution to a spectrum of users. We're excited to offer CHESS/USDT spot trading pairs to our users, and we will continue our journey to support more trading pairs in the near future," said John Ge, CEO of bit.com.

In essence, Tranchess seeks to provide a risk/return matrix from a single main fund or tranche that tracks a specific underlying crypto asset. QUEEN, the token for the main tranche, represents one share of the fund which is a BTCB tracking index fund. QUEEN tracks the BTC price on a correlated basis. Tranchess main fund provides increased flexibility with no lock-up period and less than 24 hours to process requests.

Rather than holding BTC passively, investors can swap their BTC for QUEEN, gaining exposure to BTC while farming Tranchess' CHESS tokens for further yield. CHESS is key to receiving an additional rebate from fees collected within Tranchess.

The main tranchess can be split into two sub-tranchess with their own distinct risk-return profile. The first being, BISHOP, a USDC-yielding tranche while the second is ROOK, a leveraged tranche that has twice the exposure to price movements in the underlying crypto.

Bit.com users can now start making deposits to prepare for trading CHESS/USDT, and stand to win upto $10,000 CHESS in its giveaway campaign, held between October 29th to November 12th, 2021.

About Bit.com

Bit.com is a secure high-performance cryptocurrency derivatives exchange offering perpetual swaps, futures, options and spot trading. Powered by Matrixport, Asia's fastest growing digital assets financial services platform, http://bit.com is the second largest cryptocurrency option marketplace in terms of trading volume and open interest. The exchange provides institutional-grade security and risk management features that ensures a superior trading experience leveraging best-in-class liquidity.

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