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DOGE, XRP, SOL Crypto Options Announced by BitMEX

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Wed, 8/05/2024 - 15:46
DOGE, XRP, SOL Crypto Options Announced by BitMEX
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Cryptocurrency exchange BitMEX has announced the rollout of options trading in partnership with derivatives platform PowerTrade. 

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Options are popular derivatives that allow traders to buy or sell the underlying cryptocurrency at a predetermined price in the future.

The exchange offers options for Bitcoin (BTC) and Ethereum (ETH) as well as more arcane cryptocurrencies of the likes of Dogecoin (DOGE), Ripple-affiliated XRP and Solana (SOL).

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By launching these new products, BitMEX is taking on Panama-based crypto giant Deribit, which accounts for the vast majority of the total crypto options volume. 

All options products are priced in Circle's USDC, which is currently the second-biggest stablecoin by market cap. The options can be margined with Bitcoin, USDT as well as USDC.

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Relatively low minimum trade sizes (just 0.01 for Bitcoin) are supposed to be the key selling point of BitMEX options. 

This month, BitMEX users will be able to trade options with zero fees. Those who deposit at least $1,000 and execute at least a single trade will be able to get a 20 USDC bonus.

BitMEX has also touted its "industry-leading security," claiming that it has never lost crypto since 2014.   

Back in 2022, PowerTrade forged a partnership with British custody firm Copper in order to offer custodial services to institutions. 

Last December, BitMEX announced a strategic tie-up with PowerTrade in order to enhance the trading experience for professional players. 

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