BitMEX, the world biggest cryptocurrency exchange by daily trading volume has in its possession 0.18% of the entire bitcoin stash currently in circulation.
James Lopp, Chief Technology Officer (CTO) of Casa; a crypto custody startup based in New York Tweeted that BitMEX crypto exchange holds a signification amount of bitcoin for a single exchange. Mr. Lopp also stated the firm insurance fund is up 62% in the year 2019.
BitMXX, the biggest cryptocurrency exchange in the world house 33,449 of the 18.1 Bitcoins minted so far
According document posted by BitMEX, fund in the insurance category grew between January 1 to December 26, 2019 from 20,776 from 33,449 Bitcoins. That’s a whooping $239 USD worth of BTC at the time of this writing.
Due to the growth, the world’s biggest cryptocurrency exchange possesses 0.2% of all minted bitcoins (18.1 millions).
What is BitMEX Insurance Fund used for?
BitMEX’s insurance fund provides the crypto exchange much needed liquidity in order to function smoothly. Any loses occur during traders’ positions is automatically covered by the insurance fund.
Bitcoin dominates cryptocurrency exchanges
BitMEX continues to be flooded with Bitcoins. Other competitive crypto exchanges such as Binance also experiencing exponential growth as well. According to Cointelegraph, 8 crypto exchanges were in possession of 7 percent of Bitcoin’s total circulating supply around Oct. 2019.
As acclaimed by Token Analyst; a blockchain data provider, the top 10 cryptocurrency exchanges (by daily volume) holds the majority of the circulating Bitcoins in 2019. They are: BitMEX, Poloniex, Binance, Kraken, Bitstamp, Huobi, Bittrex, Bitfinex, CoinBene and P2PB2B.
What are you thoughts on BitMEX; the globe’s biggest cryptocurrency exchange, holding that many Bitcoin?
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.
