December 5, 2021

Bitmex Now Supports Tether-Based Transactions

With effect from today, traders on BitMEX, one of the world’s top cryptocurrency derivatives platforms, will be able to leverage and settle with Tether (ERC20-USDT) on the exchange’s trading platform.

“By integrating Tether into BitMEX, we are embracing the rising tide of commercial adoption that is on its way. However, the broader picture here has less to do with Tether itself and more with how this expands the overall range of services that BitMEX may offer as a result of the development of Tether.”  In a press release, BitMEX CEO Alexander Höptner stated that the company’s new approach, which includes a new suite of products, is intended to provide more trading options for everyday customers.

“We’re moving beyond derivatives,” he continued, “and tether-margined goods are a significant milestone in that change. But we’re also retaining the characteristics that distinguish BitMEX from the competition: outstanding trading technology, uncompromising security, and the largest coverage fund in the industry.”

Tether Trading Is Now Available On BitMEX

The platform allows for leveraged trading through the use of perpetual and commodity futures, and it was one of the first and largest exchanges to specialize solely in the cryptocurrency market. Until recently, these were bound by BTC or Altcoin margins. BitMEX will provide nine contracts that are margined in USDT.

There are seven continuous straight swaps on ETH, XBT, XRP, BCH, LTC, SOL, and DOGE, as well as two linear derivative contracts on XBT and ETH. There are also two linear futures contracts for LTC and SOL. To commemorate the occasion, BitMEX is offering the following rewards: For the first 30 days, there would be no costs on any contracts with a USDT margin. Associates who recommend a total of $15 million in activity until December 9th will receive a $1,500 bonus from the platform.

A Korean BTC Programmer Received $150,000 From BitMEX

Bitcoin exchange BitMEX announced in June that it will extend a grant to Bitcoin creator Calvin Kim for another year.  “BitMEX is pleased to announce that Calvin Kim has been granted a one-year funding extension. According to a tweet from the exchange’s research section, we are offering $100,000 in financing to work on transparent Bitcoin innovation on an as-needed basis with no conditions attached.”

To keep working on the system, developers of totally decentralized systems like Bitcoin depend on public and corporate contributions, as opposed to more centralized cryptocurrency platforms, which have a full-time crew on the payroll to support their efforts. BitMEX is an example of a program that is ahead of its time. It has awarded more than $1.3 million in grants to developers who are working on open-source Bitcoin solutions.