BitMEX, a worldwide exchange for cryptocurrency futures, is in the process of expanding the scope of its venue beyond the confines of derivatives alone and will eventually launch a platform for the spot trading of cryptocurrencies.
On May 17th, BitMEX made the official announcement that the BitMEX Spot Exchange is now operational. This makes it possible for institutional investors as well as ordinary investors to buy, trade, and sell cryptocurrencies such as Bitcoin and Ethereum (Ether) (Bitcoin). At the time of the exchange's launch, it was able to support a maximum of seven different cryptocurrency trading pairs. These pairs included APE (ApeCoin), AXS (Axie Infinity), MATIC (Polygon), UNI (Uniswap), LINK (Chainlink), ETH (Ether), and BTC (Bitcoin), with trading taking place against USDT (Tether stablecoin).
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The launch of the BitMEX Spot Exchange comes at a time when the company is formulating a plan to become one of the 10 largest exchanges in the entire world. According to the disclosure, the platform made the decision to create an independent spot exchange in the previous year as a response to the growing demand for cryptocurrency trading from the consumer base. As stated in the press release, the platform is one step closer to delivering its consumers a complete crypto ecosystem for the buy, trading, and sale of their favourite digital assets.
According to what was stated by Alexander Hopner, it was noted that they would not stop here because their goal is to provide other trading pairs, extra benefits, as well as more means through which their customers can join in the revolution that is being led by bitcoin (the CEO of BitMEX). Approximately six years after the initial public offering of bitcoin, the venue first began providing the services (Bitcoin). BitMEX, in contrast to spot exchanges, has focused on derivatives, enabling clients to sell and buy contracts such as futures and options across a wide range of crypto assets. This is in contrast to other exchanges, which have focused on the spot market.
According to the information provided by CoinMarketCap, the major 30 crypto and derivative trading venues currently include BitMEX, which has a regular trading volume of $841 million. CoinMarketCap provided this information. According to the statistics from the year 2020, the open interest of the consumers placed BitMEX in the same category as Binance as one of the largest venues for derivatives. BitMEX has lately run into some legal issues as a result of the fact that the venue's founders, Benjamin Delo and Arthur Hayes, pleaded guilty in February of this year to violating the Bank Secrecy Act. This brought to the company's recent legal issues.