BitMEX Taps PowerTrade for Its New Options Trading Service

BitMEX ventures into crypto options trading with a new platform launched in partnership with PowerTrade.

by Brian Danga. Fact checked by: Ciaran Lawler, Editor: Stefan Trapp

Published: May 8, 2024 │ 3:10 PM GMT

Blockchain cubes travellin through digital space. — *Created by Kornelija Poderskytė from DailyCoin*

BitMEX is keen on tapping a new crypto niche.
The exchange partnered with PowerTrade to drive this ambition.
Both companies collaborated on a new product.

Crypto derivatives exchange BitMEX announced Wednesday the launch of its options trading service following a strategic partnership with PowerTrade.

Founded in 2020, PowerTrade is a decentralized exchange offering a full derivatives suite, including crypto options, futures, perpetual swaps, and spot trading. Various industry heavyweights, including Pantera Capital, Ascend Vietnam Ventures (AVV), and Ledger Prime, back the platform.

BitMEX Options Trading Service

In an announcement dated May 8, BitMEX said it has collaborated with PowerTrade in “reinventing options” through a new platform that provides traders with institutional-grade options for assets, including Bitcoin, Ether, BNB, XRP, and Solana.

Sponsored

The new options platform combines BitMEX’s deep liquidity with PowerTrade’s trader-centric options solution to provide traders with reliable and seamless access to “the most performant financial products.”

“Any verified user can use the BitMEX Options platform as it’s fully integrated in the BitMEX trading experience. This eliminates the need to set up a new account, go through on-chain asset transfers, and more,” the BitMEX Options page read.

BitMEX has devised an elaborate strategy to capture a “significant” market share of the options trading niche, which has been dominated by Deribit since 2020. This includes incentivizing users with zero fees on options trading throughout May and a $20 onboarding bonus for the first 1,000 new options traders.

The exchange said it will also offer users various rewards based on various aspects, such as monthly individual trading volume, referred trading volume, and monthly trading competitions.