BitMEX plans to launch a spot market

BitMEX is planning to introduce a new spot market to expand its range of products. This way, it hopes to attract retail customers.

In the initial launch phase, the exchange will support seven cryptocurrencies: bitcoin (BTC), ether (ETH), chainlink (LINK), uniswap (UNI), polygon (MATIC), and AXS and APE. All of these cryptocurrencies will be listed alongside USDT.

BitMEX spot exchange

The main goal of BitMEX’s spot exchange is to meet the growing demand from retail users in Europe, Asia and Latin America. To encourage new users to join the platform, BitMEX plans to give away $1 million in cryptocurrencies to new users. According to BitMEX CEO Alexander Höpner:

Last year, we unveiled our Beyond Derivatives strategy, which includes our BitMEX Spot platform. We’re now one step closer to offering our users a full cryptocurrency ecosystem, including buying, selling, and trading their favorite digital assets. To achieve our goal, we won’t rest, and we’ll keep working to add more features, more trading pairs, and more ways for our clients to take part in the cryptocurrency revolution.

Cryptocurrency derivatives had a breakthrough year in 2021. For the first time, volumes of these markets exceeded those of spot markets.

BitMEX has been a leader in the derivatives market for eight years. However, the exchange has seen a decline in popularity as the emergence of competitors including FTX and Binance Futures has occurred. BitMEX plans to catch up with these competitors within a few years, and hopes to enter the top ten spot markets by doing so.

Read Also: The Nigerian government will regulate the cryptocurrency market

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