Beginning next week, TradeBlock’s XBX Index will serve as the bitcoin reference rate for BitMEX’s derivative trading platform. XBX will be used to settle all XBT/USD contracts relating to speculation, hedging, and volatility, effective as of Friday, August 28.
BitMEX was founded in 2014 by Arthur Hayes, a former Delta One trader at Citigroup, and allows users to trade standardized futures and options that reference bitcoin, litecoin, or ether as the underlying asset. With the XBX Index, BitMEX clients can now benefit from trading against the world’s most reliable, real-time spot rate for bitcoin.
TradeBlock’s XBX Index is uniquely designed as a reference rate to track bitcoin liquidity while also adjusting for deviations caused by anomalies and manipulation attempts at individual bitcoin exchanges. The importance of a reliable reference rate for derivative trading is evidenced regularly in digital currency markets.
The XBX Index also serves as the reference rate for Grayscale’s Bitcoin Investment Trust, the world’s first publicly-traded bitcoin investment vehicle; Hedgy, a provider of blockchain-settled derivatives; and the thousands of bitcoin in daily over-the-counter trading on TradeBlock Professional.
For further information about the TradeBlock XBX Index, please see our online tools at tradeblock.com/markets/index.