BitMEX exchange updates trading pairs with Chainlink, Tezos

Cryptocurrency exchange BitMEX will launch futures transactions with Chainlink and Tezos after facing stiff competition from competitors over the time.

“LINK will be the first DeFi linked contract available on the BitMEX platform and together with XTZ, these two coins represent the highest market cap and heavily traded altcoins and are a step further. more in our purpose of providing users with the best options for high quality products, ”BitMEX said. in the press release.

Additionally, the new transaction contracts will be able to be used for these two tokens, like public blockchain Cardano (ADA) and decentralized infrastructure provider EOS.

Futures products allow market participants to bet on both the bullish and bearish movements of a given asset class without holding the actual asset, as opposed to the spot trading method. This increases the accessibility and reduces the risks involved storing cryptocurrencies.

The company added that new altcoin contracts will be traded with stablecoins and will better reflect the basic positions traders are taking on the spot market on other exchanges. BitMEX also notes that trading pairs with Tether (ex: LINK / USDT) account for more than 60% of the overall altcoin volume, compared to a BTC or ETH trading pair.

BitMEX pioneered highly leveraged futures trading in the crypto market in 2014. The platform allows traders to bet on the price movement of Bitcoin by using capital multiples original of them. A $ 10 account can borrow more than $ 500 and then $ 1,000 – which has made BitMEX one of the largest cryptocurrency exchanges.

But over the years, competitors from Asia such as Binance and Huobi have grown in both volume and quality of trading products, gradually pushing BitMEX behind. According to data from blockchain analytics firm Glassnode, Bitcoin futures on Binance reached $ 6.29 billion in the past 24 hours. Compared to that, BitMEX’s volume is $ 4.05 billion, despite being a lot longer than Binance.

According to Decrypt