BitMEX adds Tether for margin and settlement to provide cryptocurrency enthusiasts more diversified service offerings

Published at: Nov. 10, 2021

As many have come to realize, Bitcoin (BTC), while offering many opportunities, is a volatile cryptocurrency, one that is no stranger to fluctuation in its prices. Like other volatile assets in traditional markets, many traders have looked to derivatives trading to help mitigate some of these risks. However, the same diverse set of professional-grade derivatives that investors have come to know didn’t always exist in the digital space of crypto. 

BitMEX, a platform established in 2014, arose to address this need as a Bitcoin-only platform for margin and settlement. Since then, the evolution of the cryptocurrency landscape towards stablecoins has prompted a strategic shift, one that involved the stablecoin Tether (USDT).

In light of the recent news, Alex Höptner, the CEO of BitMEX, shares: 

“Trading on BitMEX has never been easier now that we’ve added Tether for margin and settlement. For years, BitMEX has been Bitcoin-only. But not any longer. This is a significant step in our transformation, which will see us expand beyond derivatives to offer a diversified service offering for every crypto enthusiast, no matter where they are in their journey.”

The platform has announced that they will now accept Tether (ERC-20-USDT) ahead of their launch of USDT-margined contracts beginning Nov. 10 at 4:00 UTC. At this time, they will list nine contracts: seven perpetual linear swaps on Bitcoin (XBT), Ethereum (ETH), XRP, Litecoin (LTC), Dogecoin (DOGE), Solecon (SOLE) and Bitcoin Cash (BCH), in addition to two linear futures contracts on XBT and ETH.

When trading kicks off, all USDT-margined contracts will be made available to users for free for 30 days (ending on Dec. 9). To further incentivize early deposits, the first 8000 users who deposit before Nov. 10 and make a trade during the zero fees period will receive 50 USDT as a bonus. The only caveat is that users will be required to maintain a minimum balance of 250 USDT in their account until Dec. 9.

Primed for user experience

The platform started with the ambitious goal to become the world’s largest crypto derivatives exchange and a catalyst powerful enough to drive change in the financial services industry, a mission only made possible by putting traders at the heart of their project. While Tether was one way the team put their community first, history has proven that several other initiatives have led to the platform’s success so far.

Another notable achievement took place in August of this year. It was at this time the team behind BitMEX announced an increase in trader rewards with a revamp to their fee structures. The BitMEX taker fee was since lowered to 5 bps (0.05%) from 7.5 bps (0.075%) across all their products. These taker fees would then apply to all traders who qualify for higher tiers to reach certain volume thresholds.

More insights on bitmex here

Furthermore, as the number of offerings expanded, users have come to expect a certain level of performance during high volatility periods. The BitMEX engineering team has continued to deliver enhancements to their trading engine, platform rules and overall infrastructure to meet this standard.

BitMEX has also maintained a commitment to the security of its platform and users. They share their belief in rigorous security measures that balance security and convenience.

The final major milestone for that platform is their User Verification Programme, making BitMEX one of the few crypto derivatives exchanges outside the U.S. to be implementing Know Your Customer (KYC) requirements before a user could complete their initial deposit and participate in their first trade. This feature is only possible through many years of hard work and a robust compliance function to meet international standards. With all users verified, the team has been able to further prove their commitment to bringing a new level of compliance to the industry.

On route to expansion

The team continues to use this foundation to expand their offerings with five global business segments: Spot, Brokerage, Custody, Information Products and Academy. Although the team aims to build out the diversity of their products, their derivatives offering will remain at the core of their business.

As they continue to double down on growth, the team believes they are in a good position to shape the cryptocurrency industry both now and long into the future.

Learn more about BitMEX

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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