Cryptocurrency alternate BitMEX has announced the rollout of choices buying and selling in partnership with derivatives platform PowerTrade.
Options are widespread derivatives that enable merchants to purchase or promote the underlying cryptocurrency at a predetermined worth sooner or later.
The alternate presents choices for Bitcoin (BTC) and Ethereum (ETH) in addition to extra arcane cryptocurrencies of the likes of Dogecoin (DOGE), Ripple-affiliated XRP and Solana (SOL).
By launching these new merchandise, BitMEX is taking up Panama-based crypto big Deribit, which accounts for the overwhelming majority of the overall crypto choices quantity.
All choices merchandise are priced in Circle’s USDC, which is presently the second-biggest stablecoin by market cap. The choices will be margined with Bitcoin, USDT in addition to USDC.
Comparatively low minimal commerce sizes (simply 0.01 for Bitcoin) are speculated to be the important thing promoting level of BitMEX choices.
This month, BitMEX customers will be capable of commerce choices with zero charges. Those that deposit at the very least $1,000 and execute at the very least a single commerce will be capable of get a 20 USDC bonus.
BitMEX has additionally touted its “industry-leading safety,” claiming that it has by no means misplaced crypto since 2014.
Again in 2022, PowerTrade solid a partnership with British custody agency Copper as a way to provide custodial providers to establishments.
Final December, BitMEX introduced a strategic tie-up with PowerTrade as a way to improve the buying and selling expertise for skilled gamers.