The Bitcoin-only platform, BITMEX opens up its doors for Tether (USDT) margined contracts as of late as we can see in today’s Tether news.
According to a press release shared by BitMEX, Tether will go live on the exchange on November 10th so the traders can now start margin trading and settling with Tether that is issued on the Ethereum network on BitMEX. The extreme price volatility during market downturns is still a huge part of the crypto landscape. This is why market players are leveraging stablecoins as collateral to trade futures contracts. BitMEX’s latest move to bring the USDT margined contracts came at a time when there’s a huge demand for different types of investors that are looking to take part.
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Now BitMEX opens up its doors for Tether and out of the nine USDT-margined products, seven of them are perpetual linear swaps on ETH, XRP, XBT, BCH, DOGE, and SOL while the remaining are on ETH and XBT. BitMEX leveraged up to its game by allowing plenty of incentives for traders. They will now be able to trade for free until December 9th which means for the next 30 days there will be no fees on the Tether-margined contracts. The derivatives exchange revealed that it will transfer some USDT for affiliate purposes.
The CEO of BitMEX Alexander Hoptner revealed that the move is a part of embracing a new wave of retail adoption. He emphasized that the introduction of USDT margined contracts has nothing to do with the stablecoin but it is about how the latest product offering will pave the way for the exchange to start offering a new suite of products and opportunities for its users. BitMEX’s main goal is to move beyond derivatives and it dominated the derivatives space for quite some time. However, things changed due to the Black Thursday crash of 2020 when exchanges like Huobi, Okex, and binance managed to lead in terms of the trading volume.
According to Hoptner, BitMEX’s roadmap Beyond Derivatives are a big step forward because it aims for an ambitious transformation as he said:
“But we’re also keeping the things that set BitMEX apart from the rest: superior trading technology, ironclad security, and the biggest insurance fund in the business.”
BitMEX became one of the first crypto exchanges to disclose their carbon-neutral status while pledging to offset emissions for BTC transactions to and from the platform.
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