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BitMEX Expands Its Platform By Launching A Spot Cryptocurrency Exchange

BitMEX, after being established in 2014, is among the oldest forums for crypto trading across the globe, however, the spot trading of cryptocurrency had not been started by it up till now. BitMEX (a worldwide exchange for crypto derivatives) is enhancing the span of its venue beyond only derivatives by ultimately introducing a platform for the spot trading of crypto.

On 17th May, BitMEX formally declared that BitMEX Spot Exchange thereof is presently live, permitting the organizational as well as the retail investors to purchase, trade, and sell cryptocurrencies such as ETH (Ether) and BTC (Bitcoin). The exchange, at its release, supports up to 7 crypto pairs, taking into account APE (ApeCoin), AXS (Axie Infinity), MATIC (Polygon), UNI (Uniswap), LINK (Chainlink), ETH (Ether), and BTC (Bitcoin), trading against USDT (Tether stablecoin).

The BitMEX Spot Exchange’s release is witnessed as the firm makes a strategy to turn into one of the prominent 10 biggest exchanges throughout the world. The platform decided to construct an autonomous spot exchange in the previous year as a reaction to the mounting demand for crypto trading from the consumer base, as per the declaration. It was noted in the statement that the venue is one step nearer to offering its customers a complete crypto ecosystem for the purchase, trade, as well as selling of their preferred digital assets.

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It added that they will not end here as their objective is to provide additional trading pairs, additional benefits along with more ways through which their consumers can participate in the revolution led by the cryptocurrency, as stated by Alexander Höpner (the CEO of BitMEX). The venue started offering the services approximately 6 years following the launch of BTC (Bitcoin). Dissimilar to the spot exchanges, the focus of BitMEX has been on the derivatives, permitting the customers to sell and purchase contracts such as futures and options over crypto assets’ vast range.

At the present, the prominent 30 crypto and derivative venues also include BitMEX, with $841M as its regular trading volume, as pointed out by the data shared by CoinMarketCap. As per the statistics of 2020, the open interest of the customers placed BitMEX among the largest derivative venues parallel to Binance.  Some legal problems have recently been encountered by BitMEX, as Benjamin Delo and Arthur Hayes (the venue’s founders) pleaded guilty to infringing the Bank Secrecy Act in this year’s February.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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