BitMEX Launches Perpetual Forex Swap Contracts
BitMEX, one of the oldest derivatives exchanges in the cryptocurrency market, is entering the traditional forex currency markets with the launch of perpetual swap contracts tied to foreign currency.
On Friday, the company announced the launch of perpetual swap contracts on the foreign exchange market (FX perps), which will allow users to trade more than 20 contracts tied to a foreign currency, even during off-exchange trading hours of these currencies. This is the most noticeable transition of the firm to non-cryptocurrency products since the firm rebranded and attracted a veteran of exchanges Alexander Hoptner as Chief Executive Officer, replacing the founder of BitMEXArthur Hayes.
When Hoptner joined BitMEX, the company said it would explore a "broader vision." The exchange has had a number of setbacks along the way, including recent layoffs and the cancellation of the firm's acquisition of a German bank.
However, the launch of FX perps reflects the current strategy of providing existing and new BitMEX users with "a wider range of crypto-margin contracts, including products that will allow traders to access a range of currencies and commodities."
"BitMEX FX perps is a transparent exchange contract that allows forex traders to open long and short positions as a taker or maker, for which we offer a discount on a commission of 1 basis point, which is unique in the industry," said Daniel Egloff, head of Quants at BitMEX. "For institutional users, forex contracts provide a completely new way to create synthetic cryptocurrency pairs for arbitrage - for example, when Bitcoin is quoted in currencies other than the US dollar."
BitMEX, which was once known for managing the largest derivatives market in the cryptocurrency, in July showed the volume of bitcoin futures trading on the order of $ 17 billion. The crypto exchange also conducted an airdrop and planned to place its own BMEX token on the spot market, but the listing was postponed in July due to deteriorating market conditions.
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