BitMEX will expand its product range with the addition of a new market to appeal to the retail crowd. The exchange will offer seven trading pairs: Bitcoin (BTC), Ethereum(ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), and Axie Infinity (AXS and APE). All cryptocurrencies can be traded against Tether ($USDT).
BitMEX Spot Exchange
According to the official press release, BitMEX stated that the main purpose of integrating spot currency is to meet the growing retail demand in Europe, APAC and Latin America, as well as changing market conditions. The firm plans to offer $1 million in cryptocurrency to new users in an effort to encourage sign-ups to its new spot offering.
Alexander Hopner, BitMEX CEO, stated in a statement.
“Last year we launched our Beyond Derivatives strategy and BitMEX Spot is the core of that vision. BitMEX is now one step closer to offering our users a complete crypto ecosystem that allows them to trade, buy, and sell their digital assets. We won’t stop working to bring more features, more trading pairs and more opportunities for our clients to participate in the crypto revolution.
The breakthrough in crypto derivatives was achieved in 2021, when trading volumes on these markets surpassed their cash counterparts for the first-time.
BitMEX was the first place to trade Bitcoin derivatives. The eight-year-old exchange experienced a decline from its peak in 2014, when it was challenged by rivals such as FTX and Binance Futures. BitMEX hopes to be in the top ten spot market within a year after the launch of the spot.
This development is just three days before Arthur Hayes (founder) and Ben Delo (sentence). Prosecutors agreed to Hayes’ plea bargain that he should serve six to twelve months in prison under federal sentencing guidelines. Even though they argued that one year was too long, they demanded more severe punishment.
Hayes’ lawyers on the other hand requested that Hayes not be sentenced and allowed to travel freely. Hayes also agreed to pay $10 million in fines.
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