BitMEX, one of the world’s largest digital asset trading platforms, has announced the launch of its Spot Exchange available for both retail and institutional traders. With the launch, the firm hopes to enter the top ten global spot exchanges, as it expands its product offering.
Besides that, it also offered an opportunity for traders to win a prize pool valued at $1,000,000 USD. The launch of the BitMEX Spot Exchange marks a significant step that aims to provide cutting-edge products to crypto traders.
As per the blog, the exchange currently extends support to seven pairs of cryptocurrencies, including Bitcoin [BTC], Ethereum [ETH], Chainlink [LINK], Uniswap [UNI], Polygon [MATIC], Axie Infinity [AXS)], and ApeCoin [APE], all against Tether [USDT].
But this is just the beginning of spot trading on the platform, the blog added. More cryptocurrencies and trading pairs including BMEX tokens would be added and are due to arrive in the coming months.
“Users who prefer to trade on the go will soon be able to access BitMEX Spot via our new crypto app. More on this to come,” the blog read.
Alexander Höpner, CEO of BitMEX, said:
Last year, we introduced our Beyond Derivatives strategy, and the launch of BitMEX Spot is the centrepiece of this vision. Today, it is one step closer to providing our users with a full crypto ecosystem to buy, sell, and trade their favorite 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.
BitMEX’s Former CEO Faces Criminal Charge
The launch comes amidst its ex CEO’s high-profile legal battle with the CFTC, Commodity Futures Trading Commission, an agency that regulates the U.S. derivatives markets.
BitMEX co-founder and former CEO, Arthur Hayes, settled his civil charges for $10 million and pleaded guilty to criminal charges brought by the DOJ. He now faces sentencing in the criminal case.
BitMEX or Bitcoin Mercantile Exchange, was founded in 2014 and is one of the world’s largest and oldest crypto trading entities dealing in futures contracts and other derivative products tied to the value of cryptocurrencies.