BitMEX has made yet another development to position itself where it can compete favorably with other exchanges. The company has added 14 new tokens to its platform over the last four weeks, an achievement that builds atop the company’s rebranding commitment and gives it a competitive edge within the agile and dynamic crypto market.
Since September, BitMEX has added the likes of $USDC, $TRON, $SOL, $DAI, $FTM, $BUSD, $AAVE, $SHIB, $WTC, $CRO, $MANA, $FTT, $SAND and $OKB to its list of offerings, and in so doing expanding its client base many times over.
BitMEX foray into non-crypto products
As one of the long-running derivatives exchanges within the cryptocurrency market, BitMEX has been taking steps toward traditional financial markets. In August, the firm launched the FX perpetual swap contracts, allowing users to trade over 20 contracts linked to foreign currencies. The Block recorded this as the company’s first thrust into the non-crypto products space.
The company announced that users could trade over 20 contracts tied to foreign currencies even during after-markets trading, noting that the FX perpetual smart contracts would serve both institutional and retail investors. A statement from the company read:
“The development reflects our company’s ongoing strategy to give our existing and new users a more comprehensive range of crypto-margined contracts, including products that will allow traders to access more currencies and commodities.”
The move marked BitMEX’s most notable achievement in the non-crypto direction since disclosing its rebranding plans. It also marks the company’s first significant change after bringing in the exchange veteran Höptner to replace Arthur Hayes as the firm’s CEO.
Commenting on this foray, Alex Höptner, now CEO of BitMEX, said:
“As more investors and traders enter the space and strategies become increasingly mature, those who provide products and services to power that investment must be continually looking to adapt to emerging trends and needs.”
The BitMEX executive also noted that this was a tactical shift by the company to move past derivatives to supply what the market demands. He also disclosed BitMEX’s commitment to focus on the company’s transformation strategy- ‘beyond derivatives.’ In his words:
“Executing this strategy would entail a variety of products and updates expected to increase the range of use cases that platform users enjoy.”
He also hinted at the company’s plans to facilitate the emergence of digital assets in the mainstream.
According to industry experts, Höptner joining BitMEX was part of the firm’s steps to embrace a ‘wider vision.” However, the company has experienced several setbacks since that time, including laying off and canceling plans to acquire a German bank.
Höptner came in as CEO in 2020, months after BitMEX founders Arthur Hayes, Ben Delo, and Samuel Reed were charged with conspiracy and violating the Bank of Secrecy Act. However, the three executives pleaded guilty and were released earlier this year. The court punished Hayes with two years’ probation alongside six months of home arrest. Delo and Reed got 30 months and 18 months of probation, respectively.
BitMEX is reputed for its history of operating the largest derivatives market in crypto before overturning $17 billion in bitcoin futures volume in July 2022.