Cryptocurrency exchange BitMEX, based in Seychelles, announced the addition of Ripple USD (RLUSD) for margin trading on its platform. This decision was highlighted in a press release on May 20.
First Attention on Ripple USD
BitMEX has become the first exchange to offer RLUSD as a margin currency. This means users can use RLUSD as collateral when trading crypto contracts. The feature went live on May 22 as part of BitMEX’s Multi-Asset Margining system.
Campaign to Promote RLUSD
To support the listing and integration, BitMEX launched a prize campaign worth 15,000 RLUSD. Rewards were designed for users who interacted with RLUSD on the platform in three different ways.
First way: Users who deposited or bought RLUSD on BitMEX Spot would share a 4,000 RLUSD prize pool. Second way: Users who used RLUSD as margin to trade derivatives would share a 7,000 RLUSD reward. Finally, 4,000 RLUSD was allocated to an airdrop for RLUSD holders, selected via random snapshots.
Statements from BitMEX Leadership
BitMEX CEO Stephan Lutz expressed enthusiasm about the integration, stating: "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."
By adding RLUSD, BitMEX takes an important step toward increasing stablecoin utility in the crypto markets. This move may lead to heightened interest from traders.
