BitMEX launches Spot Exchange as it looks to expand product offering for retail users

By Joy Dumasia

BitMEX, one of the world’s largest crypto trading platforms, has announced the launch of the BitMEX Spot Exchange for retail and institutional traders as the company looks to expand its product offering. The launch comes as the company seems to become a top ten global spot exchange. 

The launch of the BitMEX Spot Exchange represents a significant step for BitMEX’s strategy to offer cutting edge products to crypto traders in Europe. The exchange supports seven pairs of cryptocurrencies, including Bitcoin (XBT), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE), all against Tether (USDT). 

Users can access the spot by placing coin conversion request-for-quotes (RFQs) through Central Limit Order Books and taking advantage of API trading and on the go with BitMEX Lite when Spot is launched in the mobile app in the next few weeks. 

The launch comes as BitMEX has published research into European crypto traders. The majority (60%) have experienced value growth of up to 50%, and 61% see crypto as “a good way to diversify investments.” Also to note is that +80% of transactions of surveyed crypto owners are above +$1,000. 

In response to this increasing demand from the user base and to changing market conditions, BitMEX decided last year to build its own fully integrated spot exchange to complement the suite of products it currently offers. Following the Beyond Derivatives strategy, BitMEX Spot, which launched, aims to attract and introduce new retail and institutional clients to the platform and allow users to grow in sophistication when trading with crypto.    

Alexander Höpner, CEO of BitMEX, said: “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.”

BitMEX Spot will ultimately allow users to transact between fiat currencies and crypto-assets, and crypto-to-crypto trading pairs. While BitMEX continues to build out the diversity of its derivatives products, the addition of Spot allows the company to attract new users attracted to the full ecosystem now available on the platform.