Bit.com, a subsidiary crypto exchange launched by MatrixPort in 2020, has announced the introduction of the BTC/USDT spot trading instrument on its platform.
This is expected to increase the number of strategies that can be used by the customers as it would add a new trading dimension of arbitrage trading between the futures and the spot instruments. The crypto trading domain has been seeing some very fast developments over the last few months as it has been gaining a lot of traction among retail and institutional traders alike during this period.
The exchanges have been in a race to reduce fees and to add instruments and bring in other upgrades and changes in an obvious attempt to woo as many customers as possible, of which there are many. The crypto trading market is the hottest at this point in time and it makes sense for the crypto firms to focus on innovations and bring in features that are likely to attract the new traders into their respective platforms.
Bit.com has spot, options, and futures trading on its platform and it claims to have a trading volume that exceeds $18 billion and this has helped it to focus on bringing in more liquidity and add more instruments and features on its platform. It also provides institutional custody as well as lending products which are in line with the strategy of many exchanges to push for lending and interest-based products as they are likely to be more attractive for larger investors as they do not get high-yielding products with banks and fiat currencies.
It has to be noted that Bit.com was the first exchange to launch the swaps and options for Bitcoin Cash. Most of the derivatives exchanges continue to focus on BTC and ETH derivatives and there is indeed space and market to be filled for derivatives products on other cryptos and this is the gap that exchanges like FTX and Bit.com are looking to fill and they are reaping the dividends of that move as well as their trading volumes continue to move higher in line with the rest of the crypto industry.