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BitMEX launches ChainLink and Tezos to battle the rivals

Photo of: Janeth Diamond
by Janeth Diamond

The popular crypto futures exchange BitMex is going to launch trading for Chainlink and Tezos considering how tough the competition has become and in its bid to become more relevant. Yes, you heard that right!

BitMex, the Crypto futures exchange has confirmed that it will bring two new altcoins to the exchange in the coming weeks. The tokens in question are that of the Oracle provider Chainlink and the governance protocol Tezos which is LINK & XTZ. LINK token will be the first-ever DeFi linked contract to be made available on the BitMEX platform. Apart from this, new trading contracts will be offered for two tokens that are already available listed on the exchange which are Cardano (ADA) and EOS the decentralized infrastructure provider. 

BitMEX in the press release said,

“LINK will be the first DeFi-linked contract available on the BitMEX platform, and together with XTZ, they represent two of the highest market-cap and heavily traded altcoins and are a further step in our aim to provide our users the best coverage of liquid, high-quality products.”

These products are oriented towards allowing participants to bet on increasing as well as decreasing crypto prices without the need to hold the actual asset compared to spot trading. A huge benefit of this arrangement means users have increased accessibility and reduced risks that are usually related with storing cryptocurrencies. The concern added the new altcoin contracts in a bid to trade it against stablecoins. This way the trader positions on the spot market in other exchanges will be well-reflected. Not to forget that Tether pairs (eg. LINK/USDT) now account for more than 60% of the overall altcoin volumes as against let’s say a BTC or ETH trading pair.

BitMEX has pioneered high-leveraged futures trading in the industry since 2014. It lets the traders place their bets on the price movements of Bitcoin prices with a multiple of their initial fund. But in the last few years, Asian competition has thickened and registered aggressive trading volumes as well as retail participation especially players like Binance and Huobi.

Glassnode, an on-chain analytics firm asserted from its analysis that Bitcoin futures on Bitcoin locked at $6.29 billion in the last 24 hours. In comparison to that, BitMEX volumes were just $4.05 billion despite being older than Binance. 

Binance as we know is the largest Decentralized exchange in the world. It’s daily trading volumes are enviable. In the month of August alone, the popular DEX had recorded more than $195 billion in trading volumes across different Bitcoin and Altcoin offerings. Considering the thickening competition, several players who had come into the limelight much after BitMEX are overtaking it. 

BitMEX is doing everything in the book to stay competitive and most importantly relevant. Innovation is blazingly fast here, and the need to remain agile and alert is the new mantra. BitMEX and its new product launches are aimed at coming at par with top honchos and with such products, its quest to surpass might just pay off.