BitmeX has revealed new details of the launch of Bitcoin spot trading and other services
The BitMEX exchange will expand the list of services provided beyond the space of cryptocurrency derivatives. This was announced today by the CEO of 100x Group, the parent company of BitMEX, Alexander Heptner.
"BitMEX was founded in 2014 to bring something from the traditional world-professional-level derivatives - to the exclusively digital cryptocurrency space. The cryptocurrency space has experienced rapid development in recent years, so it's time for a strategic change for BitMEX, " he wrote. – Our goal is to become one of the largest regulated crypto derivatives exchanges in the world and a powerful catalyst for change in the financial services industry."
The launch of the relevant services is planned for months and years ahead:
Spot is a full-scale spot trading service where users can buy and sell cryptocurrencies, not their derivatives;
Brokerage – licensed brokerage service for the provision of basic, agency and over-the-counter services;
Storage-a licensed custodial solution for storing cryptocurrencies;
The Academy is an educational resource on the topic of digital assets and trading.
At the end of last year, BitMEX came under the control of new management, after its former CEO Arthur Hayes and other co-founders were charged by the US authorities. In the future, BitMEX identified all users of its platform and promised to become an example of a regulated cryptocurrency exchange. The company also plans to expand its existing derivatives business with the launch of options trading.
"I come from a regulated and classical world. I already had a lot of connections with the regulators. Now I work on the side of cryptocurrencies and lead them into the regulated world, " said Heptner, who has held senior positions on European stock exchanges for many years. – We are contacting regulators where we are currently represented, but we will also be contacting regulators where we are not."
Similarly, other major cryptocurrency exchanges, such as Coinbase and Gemini, provide a wide range of services, including brokerage and storage, not limited to trading alone. BitMEX's plan is aimed at improving the competitiveness of the exchange, which once led the market thanks to the popularity of its high-leverage derivatives, but has since noticeably lost ground due to recent changes and the rise of younger platforms such as Binance and FTX.
According to the analytical service Skew, the volume of trading in perpetual contracts for bitcoin at BitMEX over the past day amounted to $3.14 billion, making it the sixth largest exchange in its category. In terms of the volume of active positions on bitcoin, BitMEX is even lower, occupying the eighth place after Deribit, for which the profile direction is options, not futures.
BitMEX announced its intention to expand the list of services provided in early March, but in the latest publication, Heptner revealed additional details. Also, according to him, during this year the company is going to increase the staff and does not exclude the possibility of attracting additional capital.
"We are very interested in tracking IPO, SPAC, and tokenization trends. It is necessary to evaluate all available opportunities, " he added.