BitMEX Plans to Add Crypto Spot Trading, Custody Services

Crypto derivatives exchange BitMEX is considering to expand its offerings by adding spot trading, brokerage and custody as its three new services, 100x CEO Alexander Höptner revealed in a recent interview with Bloomberg.

“We have to very fast make up our mind how we want to approach these aspects and then see whether we could find a partner or whether we build something or buy something,” Höptner said.

Founded in 2014, BitMEX became a top cryptocurrency derivatives platform with its 100x Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term on futures instruments. However, it also faced heavy criticisms for offering sophisticated financial instruments with none or minimum regulatory oversights.

Höptner, the former Börse Stuttgart Chief Executive, took charge of the cryptocurrency exchange after Arthur Hayes, BitMEX’s Co-founder and public face, stepped down from day-to-day operations due to the lawsuit against him by US prosecutors.

Siding with the Regulators

The new BitMEX CEO is focused on making amends with global regulators. “We are approaching regulators where we are currently present, but we will also reach out to regulators where we are not,” he said.

Indeed, the exchange is investing heavily in boosting its compliance methods and earlier announced that every account is now KYC verified.

BitMEX’s entry into the spot market is logical given its loss of the market share to giants like Binance, Huobi and OKEx, all of which emerged as crypto spot trading venues. And, with the increased institutional demand in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, custody and brokerage businesses also boomed, which may become BitMEX’s next big service area.

“We have to very fast make up our mind how we want to approach these aspects and then see whether we could find a partner or whether we build something or buy something,” Höptner added.