BitMEX, one of the world’s oldest crypto trading platforms, was founded in 2014, but it has never offered spot crypto trading until today.
Global cryptocurrency derivatives market BitMEX is finally introducing a spot crypto trading platform, expanding its platform beyond derivatives.
BitMEX‘s spot crypto exchange, the BitMEX Spot Exchange, went online on May 17, allowing individual and institutional investors to buy, sell, and trade cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) (ETH).
At the time of launch, the exchange supported seven cryptocurrency pairs: BTC, ETH, Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS), and ApeCoin (APE), all of which are traded against the Tether stablecoin (USDT).
The BitMEX Spot Exchange was launched to become one of the top 10 largest spot exchanges globally. According to the release, the company launched its spot exchange last year due to increased crypto trading demand from its current user base.
BitMEX, one of the world’s largest and oldest cryptocurrency trading platforms, was founded in 2014, roughly six years after Bitcoin was established. Unlike spot exchanges, BitMEX focuses primarily on derivatives, allowing users to purchase and sell contracts such as futures, options, and perpetual on various crypto assets.
According to CoinMarketCap data, BitMEX is one of the top 30 largest derivatives crypto trading platforms at writing, with a daily trading volume of $841 million. Additionally, as of 2020, BitMEX was rated with Binance as one of the largest derivatives marketplaces by open interest.
In February 2022, BitMEX founders Arthur Hayes and Hong Konger Benjamin Delo pleaded guilty to breaking the Bank Secrecy Act. In March, the court sentenced the three co-founders of the BitMEX crypto derivatives exchange to pay $30 million in civil monetary penalties.
Following a failed takeover of the German bank Bankhaus von der Heyd, the company reportedly laid off roughly 75 people, or a quarter of its workforce.
BitMEX did not immediately react to a request for comment from Cointelegraph. This article will be updated as new information becomes available.