BitMEX Hits 1 Mn Bitcoin Daily Turnover Record Again, Launches Exchange’s Option Functionality UPs and DOWNs - The Industry Spread

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.


BitMEX Hits 1 Mn Bitcoin Daily Turnover Record Again, Launches Exchange’s Option Functionality UPs and DOWNs

August 11, 2018
Arthur Hayes, BitMEX CEO and Co-founder
Arthur Hayes, BitMEX CEO and Co-founder

BitMEX, the bitcoin mercantile exchange that supports P2P trading has informed the crypto and forex community that it has again hit record 1 million bitcoin daily turnover. In the 24 hours period on Aug 8th, the exchange witnessed a total 1,027,214.62 bitcoin traded, following the company setting the world record on July 25th.

The surge in the transaction is mainly due to BitMEX’s launch of two new financial products, ETH/USD perpetual swaps, and UPs and DOWNs, the exchange’s first call and put option. The launch of ETH/USD perpetual swaps was based on the success it received from XBT/USD swap products. Now, it will provide trading in ETH/USD price at a leverage while avoiding issues with the settlement and large amounts of basis inherent to typical futures products. Within days of launch, it has become the most liquid instruments globally to trade the ETH/USD pair.

The exchange has also launched first options products UPs and Down’s which lets users take advantage of the call and out options. It works similar to traditional stock call and put options which gives the token holder the right to purchase or sell crypto-coins on BitMEX at a specified price.

BitMEX CEO and Co-founder, Arthur Hayes said:

ETH ethereum“Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing. In continuously engaging with, and truly listening to, the needs our customers, we’ve recognized an overwhelming demand for innovative financial products that give the crypto market greater versatility. It’s thanks to our discerning community that we have launched our two innovative, new products: the ETH/USD perpetual swap product and UPs and DOWNs. With futures, swaps, and now options available on BitMEX, we are making great strides toward offering a wealth of derivative products designed for the crypto-coin industry.”

Further added: “The ETH/USD perpetual swap and UPs and Downs represent new and exciting territory for BitMEX and an unprecedented opportunity for the crypto community to experiment with more sophisticated financial instruments on an easy-to-use and highly secure trading application.”

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