BitMEX, one of the world’s largest crypto trading platforms, has announced the launch of the BitMEX Spot Exchange for retail and institutional traders as the company looks to expand its product offering. The company is aiming to be one of the top ten global spot markets.
The launch of the BitMEX Spot Exchange represents a significant step for BitMEX’s strategy to offer cutting-edge products to crypto traders in Europe. The exchange supports seven cryptocurrencies, including Bitcoin (XBT), Ethereum [ETH], Chainlink(LINK), Uniswap/UNI), Polygon/MATIC, Axie Infinity/AXS and ApeCoins (APE), which can all be used against Tether ($USDT).
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 launch comes as BitMEX has published research into European crypto traders which revealed that the majority (60%) have experienced value growth of up to 50%, and 61% see crypto as “a good way to diversify investments.” Also to note is that almost 30% of the surveyed in Europe invest between $1,000 and $10,000 in crypto annually.
BitMEX built its spot exchange last year in response to growing demand and changing market conditions. BitMEX Spot is a continuation of the Beyond Derivatives strategy. It was launched today to bring new retail and institutional clients onto the platform. This will allow users the opportunity to become more sophisticated in trading crypto with cryptocurrency.
Alexander Höpner, CEO of BitMEX, said:
“Last year, we introduced our Beyond Derivatives strategy, and the launch of BitMEX Spot is the centerpiece of this vision. BitMEX today is one step closer in providing our users with a complete cryptocurrency ecosystem to purchase, trade, and trade 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 Spot eventually will allow users the ability to transact between fiat currencies, crypto-assets, and crypto trading pairs. BitMEX continues to diversify its derivatives products and the addition of Spot will allow the company to attract new customers to the entire ecosystem that is now available on the platform.