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BitMEX XRPUSD launch set for Feb 5

BitMEX XRPUSD launch set to begin on Feb UP and DOWN contracts to be delisted

BitMEX, one of the most popular crypto exchange has announced that they will be launching a new Ripple XRPUSD swap on BitMEX itself. The BitMEX XRPUSD launch is set to initiate on February 5. However, things aren’t still clear but it is believed that the testnet would shed more light on the contract on January 24.

With this BitMEX XRPUSD launch, the company has also informed that they will be delisting all the UP (Upside Profit) and DOWN (Downside Profit) contracts. This will be effective from 31st January 12:00 UTC. All the existing contracts will be settled but no fresh contracts will be listed in the future. The contracts that will be hit are XBT7D_U105 and XBT7D_D95.

Further, there are a lot of products and services yet to be rolled out this year. This was informed by the BitMEX via their official blog on the website.

BitMEX has been going through a transition phase since last year. On one hand, it has been regarded as one of the biggest, if not the biggest BTC trading platform. Last month, according to a report released by Crypto Compare, the total monthly volume of traded products on BitMEX was more than $53 million, which was much higher than any of its competitors.

On the other hand, a freakish incident in November last year saw people freaking out when BitMEX was hacked last year which led to a massive data leak. To add to this misery, the BitMEX official account posted ‘Take your BTC and run’. After this, withdrawals were temporarily disabled for some people.

What does BitMEX XRPUSD launch mean for the company?

Where would this launch take the company is yet to be seen but it seems that people are pretty much content with BitMEX and the services provided by them. Furthermore, the new developments that are due to a roll-out will be a positive step for the company.


Featured image from Pixabay.

Mihir Sharma

Mihir Sharma

Mihir has always been attracted to finance, crypto, and blockchain. His Chemical Engineering background gave him the edge to make his news reports precise and concise. Leveraging his stint with English Forward News, he looks forward to his next adventure in the cryptosphere.

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