Crypto derivatives exchange platform BitMEX has expanded its roots beyond just derivatives to spot by launching a spot crypto trading platform.
The exchange’s spot crypto trading platform, the BitMEX Spot Exchange, went online on May 17, allowing individual and institutional investors to buy, sell, and trade cryptocurrencies such as Bitcoin and Ethereum.
At the time of launch, the exchange supported seven cryptocurrency pairs: Bitcoin (BTC), Ether (ETH,) Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS), and ApeCoin (APE), all of which are traded against the Tether stablecoin (USDT). The company said that it would be bringing more crypto trading pairs into the platform. The announcement reads:
“More cryptocurrencies and trading pairs – including BMEX tokens – are on their way as we grow our spot exchange and are due to arrive in the coming months. What’s more, users who prefer to trade on-the-go will soon be able to access BitMEX Spot via our new crypto app.”
BitMEX aims for a massive expansion
The BitMEX Spot Exchange was launched with the goal of becoming one of the top ten largest spot exchanges in the world. According to the release, the company chose to launch its own spot exchange last year in response to increased crypto trading demand from its current user base. CEO Alexander Höpner said that the company will not rest as it aims “to deliver more features, more trading pairs, and more ways for our clients to take part in the crypto revolution.”
BitMEX, which was founded in 2014, is among the oldest crypto exchanges in the world, providing its services around six years after Bitcoin was introduced. Last year, the CEO of the exchange said that Bitcoin adoption in the countries like El Salvador deserves “praise, not derision.”
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 crypto derivatives exchange to pay a total of $30 million in civil monetary penalties.
In September last year, BitMEX joined Binance in modifying services when South Korea continued its crackdown on exchanges.