BitMEX expand its product offering to attract retailers by introducing a new spot market. At launch, the exchange will support seven trading pairs, including Bitcoin (BTC), Ethereum (ETH), Chainlink’s LINK, Uniswap’s UNITED, Polygon’s MATIC and Axie Infinity’s AXS et unPE. All cryptocurrencies will be exchanged for Tether (USDT).
The launch of a platform for buying and selling crypto in cash.
According to an official press release, BitMEX stated that the main objective of the integration of the cash exchange is to meet the growing needs of retail customers in Europe, in Asia Pacific and Latin America, as well as changing market conditions. To incentivize signups for its new spot product, the company also plans to give away $1 million in cryptocurrency to new users.
Boom.💥BitMEX Spot is LIVE.
Users can now buy and sell #crypto on BitMEX with instant settlement…
…and enter our spot trading #sweepstakes to win a share in a prize pool valued at $1 million 🏆
Let’s go 🚀: https://t.co/dcYAPO7wpY
Learn more ⬇️ pic.twitter.com/EALeZKFLws
—BitMEX (@BitMEX) May 17, 2022
alexander HopnerCEO of BitMEXsaid in a statement: ” Today, BitMEX is poised to provide our users with a complete crypto ecosystem to buy, sell and trade their favorite digital assets. We won’t rest not because we aim to provide more features, more pairs trading and more ways for our clients to participate in the crypto revolution. »
2021 has marked a lead for crypto derivatives, with volumes in these markets exceeding spot or cash volumes for the first time.
As it concerns BitMEXit is the go-to place for trading Bitcoin derivatives. But the 8-year-old swap reversed course as rivals such as FTX and Binance Futures have entered the derivatives space. But with the spot launch, BitMEX expects to be in the top ten spot markets in about a year.
Bonus: After the UST, the stablecoin DEI also lost its peg to the dollar with a drop of almost 30%.
The company and its legal problem
Development occurs a few days before condemnation of its founders arthur Hayes and then Delo. As part of the plea agreement of Hayesprosecutors agreed to a six- to 12-month prison sentence for his crimes under federal sentencing guidelines. They even argued that a year in prison was not enough and have demanded harsher penalties.
The lawyers of Hayesmeanwhile, asked for no jail time and freedom to travel. The former leader also agreed to pay a $10 million fine.
To discover: Binance aims to strengthen its legal team by opening more than 40 job openings within the legal department.