BitMEX, a crypto exchange based in Seychelles, has been announced as the first exchange to list Ripple USD (RLUSD) on its derivatives trading platform. This was initially announced in a May 20 press release, a trading campaign at the time, which was called “The Ripple Effect.”
In the press release, BitMEX confirmed that it would become the first exchange to offer RLUSD as a margin currency. This meant users could use RLUSD as collateral when trading crypto contracts. This feature went live on May 22 as part of BitMEX’s Multi-Asset Margining system.
The campaign also marked the official rollout of the stablecoin on BitMex spot trading. This allowed users to deposit, buy, and trade the stablecoin on the platform. RLUSD deposits were supported through both ERC-20 and XRPL networks.
RLUSD stablecoin is a digital asset that is issued by Ripple. It is pegged 1:1 with the U.S dollar, which means for every dollar, there’s one RLUSD. To promote the listing and integration, BitMEX launched a prize pool campaign worth 15,000 RLUSD. The rewards were designed for users who interacted with RLUSD on the platform in three different ways.
First, users who deposited or bought RLUSD on BitMEX Spot would share a 4,000 RLUSD prize pool. Second, users who used RLUSD as margin to trade derivatives would share a 7,000 RLUSD reward. Lastly, 4,000 RLUSD was allocated to an airdrop for RLUSD holders, with recipients selected via random snapshots.
BitMEX CEO Stephan Lutz was thrilled about the integration. In a statement, he said, “The addition of RLUSD for spot trading and the inclusion of the leading stablecoin as a margin currency underscore our commitment to providing our users with a diverse and innovative trading environment.”
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