BitMEX, better known for crypto derivatives trading, has launched its anticipated crypto spot exchange.
BitMEX stated in a release that spot trading for digital assets is now available for both retail and institutional investors. BitMEX touted its ambition to emerge as a top ten global crypto exchange.
Alexander Höptner, CEO of BitMEX, issued the following statement on the launch:
“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.”
The launch of the spot market for crypto is a significant step in the rehabilitation of the platform and its future. Previous executives and founders left the company following an enforcement action pursued by US authorities.
To start, BitMex will trade seven pairs: Bitcoin (XBT), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE), all against Tether (USDT).
BItMEX noted that recent inhouse research indicates that global investors are becoming more interested in trading crypto. BitMEX added that the spot exchange was created in response to increasing demand from its user base as well as the changing market conditions.
BitMEX Spot is expected to ultimately allow users to transact between fiat currencies and crypto-assets as well as crypto-to-crypto trading pairs.