- BitMEX, in partnership with PowerTrade, has launched a new options trading platform for major cryptocurrencies.
- The platform is designed for institutional traders and features high-performance and security standards.
- Despite the innovative move, the market response was mixed, with Ripple’s XRP price dropping by 2.11% following the announcement.
BitMEX and PowerTrade have joined forces to launch a new options trading platform for major cryptocurrencies, targeting institutional traders with high-performance and security standards. However, the market response was mixed, with Ripple’s XRP price dropping by 2.11% following the announcement.
BitMEX and PowerTrade Launch New Options Trading Platform
BitMEX, a leading cryptocurrency derivatives exchange, has officially launched a new options trading platform in collaboration with PowerTrade, a specialized crypto options platform. This partnership leverages the robust features of both companies, providing a comprehensive suite of options for major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Solana (SOL), and Dogecoin (DOGE). The initiative marks a significant step for BitMEX as it expands its product offerings beyond its well-known futures and perpetual contracts.
Platform Targets Institutional Traders
The newly unveiled platform is designed to cater to institutional traders, boasting features that align with the highest industry standards for performance and security. PowerTrade’s CEO, Mario Gomez Lozada, emphasized the synergy between BitMEX’s deep market liquidity and PowerTrade’s trader-focused technology. This collaboration aims to deliver a trading experience that is both seamless and superior in performance, catering to the needs of serious traders seeking effective and efficient trading tools.
BitMEX Launches Zero Fee Options Trading
To attract traders to its new platform, BitMEX is implementing a promotional campaign that includes zero trading fees on all options transactions throughout May. Additionally, the first 1,000 new traders to join the platform will receive a $20 bonus, further incentivizing participation. The platform also offers rewards based on trading volume and referred trading volumes alongside monthly trading competitions, adding an element of competition and potential profit for active users.
Market Reacts as XRP Price Drops
BitMEX’s new options platform allows traders to use multiple types of cryptocurrencies as collateral, such as Bitcoin, Ethereum, and USDT, with options priced and settled in USDC. This flexibility in settlement and collateral not only streamlines the trading process but also reduces the costs associated with currency conversion that traders typically face on other platforms. According to BitMEX, this approach is aimed at providing a more accessible and user-friendly experience for traders in the crypto options market.
Conclusion
Despite these advancements, the market reaction has been mixed. Following the announcement, Ripple’s XRP price showcased a slight decline, falling by 2.11% to a current price of $0.5262. Meanwhile, Bitcoin also experienced a modest decrease, dropping by 1.04% to $62,470. These market movements highlight the complex dynamics of cryptocurrency markets, where news and developments can have varied impacts on different assets.
