BitMEX, the cryptocurrency derivatives trading platform behemoth has announced a partnership deal with Trading Technologies Inc. (TT). In a blog post published by BitMEX on April 17, 2019, the company said the partnership would create a mutually beneficial and strategic collaboration between both firms.
Partnership to Give More Access to Cryptocurrency
According to the announcement, HDR Global Trading, the operators of BitMEX, is partnering with Chicago-based professional trading platform, Trading Technologies International, Inc. (TT). The collaboration between both companies would offer improved trading experience and access to virtual currency products.
TT, which offers professional trading solutions strictly to high-level traders, risk managers, and brokers, would enable BitMEX users to access its sophisticated tools for BitMEX products. In turn, traders on the TT platform can have access to BitMEX’s cryptocurrency products, which include the XBTUSD Perpetual Swap.
Speaking on the partnership, CEO of BitMEX, Arthur Hayes, said:
“Like Trading Technologies, BitMEX is committed to providing innovative financial products and seamless experience for sophisticated traders. By combining our robust technologies, this partnership will not only extend BitMEX’s unique services to Trading Technologies’ discerning clients but advance our mutual vision to unlock access to cutting-edge cryptocurrency products.”
Rick Lane, CEO of Trading Technologies, also spoke about the alliance of both parties. According to Lane, the partnership with the Hong Kong-based cryptocurrency derivative trading platform exposes TT to the ever-growing virtual currency sector. Further speaking about the expectations from the collaboration, CEO Lane said:
“We expect this partnership will grow trading volume on BitMEX, not only through our existing clients, who want access to cryptocurrencies but also through new users keen to leverage professional trading software and enjoy better trading experiences.”
BitMEX Seeking Greater Control of Bitcoin Derivatives Market
In December 2018, there was a report that BitMEX in conjunction with French wine trading company, Madison group, was planning to purchase a stake in BitOcean, a Japanese digital currency exchange.
For BitMEX, the deal with TT is also part of efforts to strengthen its position in the cryptocurrency derivatives market, staving off competition from the likes of Deribit.
Furthermore, in a recent podcast, CEO Arthur Hayes stated that the company plans to launch more BTC-based products in the coming months.