International crypto derivatives exchange BitMEX is increasing its platform past simply derivatives by lastly launching a spot crypto buying and selling platform.
BitMEX formally introduced on Could 17 that its spot crypto exchange, the BitMEX Spot Exchange, is now dwell, permitting retail and institutional traders to purchase, promote and commerce cryptocurrencies like Bitcoin (BTC) and Ether (ETH).
At launch, the exchange helps seven pairs of cryptocurrencies, together with BTC, ETH, Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE), all buying and selling in opposition to the Tether stablecoin (USDT) ).
The launch of the BitMEX Spot Exchange comes as the corporate plans to grow to be one of many prime ten largest spot exchanges on the planet. The corporate determined to construct its personal spot exchange final yr in response to the rising crypto buying and selling demand from its present consumer base, based on the announcement.
“Right this moment, BitMEX is one step nearer to offering our customers with a full crypto ecosystem to purchase, promote, and commerce their favourite digital belongings. We is not going to relaxation as we goal to ship extra options, extra buying and selling pairs, and extra methods for our shoppers to participate within the crypto revolution,” BitMEX CEO Alexander Höpner stated.
Based in 2014, BitMEX is among the world’s largest and oldest crypto buying and selling firms, beginning offering its providers about six years after Bitcoin was launched. In contrast to spot exchanges, BitMEX has been primarily focusing derivatives, permitting customers to purchase and promote contracts like futures, choices and perpetuals on a variety of crypto belongings.
On the time of writing, BitMEX is among the prime 30 largest derivatives crypto buying and selling platforms, with each day buying and selling quantity amounting to $841 million, based on knowledge from CoinMarketCap. BitMEX was ranked one of many largest derivatives platforms by open curiosity alongside Binance as of 2020.
BitMEX has confronted some authorized points lately, with founders Arthur Hayes and Hong Konger Benjamin Delo pleading responsible to violating the Financial institution Secrecy Act in February 2022. The courtroom finally ordered a complete of $30 million civil financial penalties from the three co-founders of BitMEX crypto derivatives exchange in March.
Associated: The Brazilian Inventory Exchange will launch Bitcoin and Ethereum futures
The agency additionally reportedly laid off about 75 staff — or 1 / 4 of the corporate’s workers — in April, following a failed acquisition of the German financial institution Bankhaus von der Heyd.
BitMEX didn’t instantly reply to Cointelegraph’s request for remark. This text will probably be up to date pending new info.
