BitMEX Announces Second 1M BTC Transactions In One Day
Even with the current condition of the cryptocurrency market, BitMEX, a digital currency exchange platform based in Hong Kong has just managed to trade over one million Bitcoin contracts in 24 hours, marking the second time the exchange has achieved this daily high within one month. Around $6.6B in Bitcoin was traded on the platform on the 8th of August. In addition to this achievement, BitMEX also announced two new financial products and their launch.
As per increasing demand by the market, the exchange has launched two new initiatives on the market, ETHUSD perpetual swap and Ups and Downs, two new fintech products. The former product, ETHUSD, basis itself off the exchanges XBTUSED product. Any participant on the exchange is now able to trade ETHUSD at its leveraged value and bypass any complications with finalization and excess amounts of basis in regards to futures products and solution.
The latter product allows users on the exchange to utilize call and offer options. Ups, an acronym for Upside Profit Contracts, allows cryptocurrency possessors full rights to acquire cryptocurrencies on the platform during a specific price period over a scheduled time frame. DOWNs, standing for Downside Contracts operates similarly to traditional options and enables cryptocurrency holders to sell off a crypto at a predetermined price.
The exchange’s co-founder and Chief Executive Officer, Arthur Hayes, stated that breaking the daily trading record again within the same month is another major step forward for the platform and the industry in terms of development. The company is also dedicated to providing solutions and financial products to satisfy the needs and demands of all users and with the many trading options BitMEX provides, the exchange is taking several great steps towards a highly successful future.