BitMEX, perhaps best known for its leverage crypto derivative trading, recently launched its spot trading platform to enter a new line of business. In a company statement today, BitMEX shares that ten days after spot trading went live it has topped $24 million in daily trade volume – a 100% daily increase. While the numbers are still relatively small, and competition can be fierce, BitMEX’s name is well known in the industry and thus should be well-positioned to grow its new business.
BitMEX reports that its daily signup and first-time deposits have increased by five times since its official rollout, with the Average Daily Value (ADV) reaching over 3 million traded in the first week.
Alexander Höptner, CEO of BitMEX, issued the following statement on the crypto exchange’s progress:
“The influx of new BitMEX users and trading volume reflect a strong appetite from institutional and retail traders and our long-term bullish views of today’s market environment. With the successful addition of Spot, BitMEX is in a strong position to further its expansion to introduce a wider array of offerings – on top of derivatives and interest-bearing products – to support traders around the world, bringing us closer to achieving global recognition of crypto as an asset class.”
Genia Mikhalchenko, Vice President of BitMEX Spot, added that the numbers they are seeing internally reinforce their decision to add spot trading to its trading platform:
“Our newly re-imagined affiliate programme has also been a key piece in enabling the continued growth of our community and we look forward to expanding it over the coming months. In addition, we will be rolling out a selection of new and exciting assets throughout the remainder of the year to support the growth of the spot market and ensure that our traders have the products they need!”
BitMEX currently allows users to trade the following cryptocurrencies: XBT, ETH, and USDT, LINK, UNI, MATIC, AXS and APE. The crypto exchange supports purchases with +30 fiat currencies.