BitMEX is all set to expand its product offering with the introduction of a spot new market to attract the retail crowd. At launch, the exchange will support seven trading pairs with Bitcoin (BTC), Ethereum (ETH), Chainlink’s LINK, Uniswap’s UNI, Polygon’s MATIC, and Axie Infinity’s AXS and APE. All the cryptocurrencies will be traded against Tether (USDT).
According to the official press release shared with CryptoPotato, BitMEX said the main objective of integrating spot exchange is to address the increasing retail demand across Europe, APAC, and Latin America user base as well as the changing market conditions. In a bid to incentivize sign-ups for its new spot offering, the firm also plans to give away $1 million in crypto to new users.
Alexander Höpner, CEO of BitMEX, said in a statement,
“Last year, we introduced our Beyond Derivatives strategy, and the launch of BitMEX Spot is the centerpiece of this vision. Today, BitMEX 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.”
2021 marked a breakthrough for crypto derivatives, with the trading volumes in these markets surpassing their spot or cash counterparties for the first time.
BitMEX, for one, was a go-to venue for trading Bitcoin derivatives. But the eight-year-old exchange saw a reversal from its peak after the advent of its rivals, including FTX and Binance Futures in the derivatives space. But with the spot launch, BitMEX plans to break into the top ten spot markets in a year or so.
The development comes just three days before one of its founders, Arthur Hayes, is set to be sentenced. As part of Hayes’ plea deal, prosecutors agreed that his offense required a prison term of six to twelve months under the guidelines of federal sentencing. They even argued that a year in prison was not enough and called for stricter punishment.
Hayes’ lawyers, on the other hand, requested no jail term and freedom to travel. The former exec also agreed to pay a $10 million fine.