Crypto derivatives giant BitMEX launches spot market
Crypto exchange BitMEX is looking to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of BitMEX’s business, the popular platform will add spot crypto trading as it aims to aggressively grow their user base.
The spot market – also referred to as physical or cash market – is where cryptocurrencies and other digital assets are swapped for immediate delivery. This compares to future and option contracts, which are based on the delivery of funds and the underlying asset at a later date.
Upon launch, BitMEX Spot Exchange, which is now live, supports seven pairs of cryptocurrencies, including Bitcoin (XBT), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE). All these coins are traded against Tether (USDT), and the listing of more pairs is said to take place shortly on the largest coin-margined swaps exchange.
“Users are able to access the spot by placing coin conversion request-for-quotes (RFQs), through Central Limit Order Books and taking advantage of API trading, as well as on the go with BitMEX Lite when Spot is launched in the mobile app in the next few weeks,” the exchange further explains.
BitMEX also launched its own token
BitMEX said retail and institutional investors’ demand to trade spot cryptocurrencies has been significant, with growing interest coming from their existing customer base across the different coins they offer in the derivatives market. With this new product, BitMEX is addressing one of the frictions in the investor experience as they are now able to more confidently execute spot trades, knowing that their actual assets remain safe.
Commenting on the news, BitMEX CEO Alexander Höptner said: “Last year, we introduced our Beyond Derivatives strategy, and the launch of BitMEX Spot is the centrepiece of this vision. Today, BitMEX is one step closer to providing our users with a full crypto ecosystem to buy, sell, and trade their favourite digital assets. We will not rest as we aim to deliver more features, more trading pairs, and more ways for our clients to take part in the crypto revolution.”
Following a slew of crypto platforms that have issued exchange tokens, BitMEX also launched its own native token, dubbed “BMEX.”
BitMEX follows a long list of rival exchanges like FTX, Binance, Coinflex, and others that have introduced exchange tokens. BMEX tokens are already similar to other exchange tokens as users can earn BMEX based on trading volumes at BitMEX and the fees generated for the exchange. More use cases for the ERC-20 token are expected in the future as the firm will explain the coin’s tokenomics.
