Bitmex Launches a Spot Crypto Trading Platform

Bitmex Launches a Spot Crypto Trading Platform

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In a bid to expand its product offering, one of the longest-running exchanges in digital asset future space, Bitmex, has launched a spot crypto trading platform.

On May 17, Bitmex officially announced that its spot crypto exchange is now live, of which retail and institutional investors will now be able to sell and trade cryptocurrencies like Ethereum, Bored Ape Yacht Club’s Ape token,  and Bitcoin on Bitmex spot trading platform.

Since Alexander Höptner, the European exchange veteran stepped in for Bitmex founder, Hayes, the exchange has hinted at an expansion outside of its bread-and-butter perpetual swaps, which has been at the centre of market before rivals like FTX and Binance advanced.

Bitmex’s launch of a spot crypto trading platform was part of the company’s quest for one of the top spot crypto trading exchanges globally; Bitmex decided last year to build its spot trading platform to respond to its users’ demand for more trading options.

According to the company’s CEO, Alexander Höptner, “Today, Bitmex is one step closer to providing our users with a full crypto ecosystem to buy, sell and trade their favorite 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.”

The launched spot market features possess a more friendly user interface compared to the exchange’s traditional derivatives platform, sporting softer fonts and warmer coloring.

“It is completely different from our classic look and feel,” said BitMEX Vice President of spot Genia Mikhalchenko. He furthered that he is hoping that the new trading options will appeal to users who have been looking for new trading options following the most recent downturn.

“We are hoping to break into the top 15 spot markets over the next 12 to 16 months,” he added. “We want to ride this wave back up as the market turns around.”

Mikhalchenko also said that in reality; he knows the company is late in the crypto exchange market when it comes to this feature; he added that the firm doesn’t have any “delusion” about its prospects.

He however furthered that the firm’s plan to giveaway $1 million in crypto to its new users could be an incentive to sign up for the new service. “Given everything that’s going on….this will be especially attractive,” he said, referring to the recent bear in the crypto market.

Recently, Bitmex faced some legal issues; the founder Arthur Hayes and Hong Konger Benjamin Delo pleaded guilty to violating the Bank Secrecy Act earlier this year, of which the court later ordered a total of $30 million civil monetary penalties from the three co-founders of Bitmex.

The firm also laid off nearly 75 of its workers in April this year after a failed acquisition of the German bank Bankhaus von der Heyd.

Could this spot trading option be a part of the  revival plans against Bitmex challenges? Kindly comment your views below.

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