BitMEX has released a spot exchange allowing the company to offer direct access to bitcoin and other cryptocurrencies instead of only trading derivatives.
BitMEX, a cryptocurrency trading platform, has released the BitMEX Spot Exchange for retail and institutional traders which will allow customers to trade bitcoin and other cryptocurrencies, according to a press release sent to Bitcoin Magazine.
Users of the platform will be able to take advantage of Spot assets – direct purchases of the asset itself instead of an underlying derivative – through coin conversion request-for-quotes (RFQs). These requests will be tracked on central limit order books and will utilize an application programmable interface (API) to facilitate the trade. BitMEX Lite will also support spot trading once the feature is added to the mobile app in coming weeks.
“Last year, we introduced our Beyond Derivatives strategy, and the launch of BitMEX Spot is the centerpiece of this vision. Today, BitMEX is one step closer to providing our users with a full crypto ecosystem to buy, sell, and trade their favorite digital assets,” said Alexander Höpner, CEO of BitMEX.
“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,” Höpner continued.
Previously, BitMEX operated a product known as Beyond Derivatives for its customers, but the new spot exchange seeks to bring the increasing number of investors looking to grow their knowledge of assets. BitMEX reported that 90% of respondents surveyed want to increase their knowledge on bitcoin and other cryptocurrencies. Half of those investors surveyed are reportedly looking to stay in their assets for the foreseeable future, even amid the recent market downturns.
BitMEX’s spot exchange will allow users to transact with fiat to acquire bitcoin and other cryptocurrencies while facilitating crypto for crypto trading as well.