BitMEX will expand its range of services beyond the cryptocurrency derivatives space. This was announced today by the CEO of 100x Group, the parent company of BitMEX, Alexander Heptner.
“BitMEX was founded in 2014 to bring something from the traditional world to the purely digital space of cryptocurrencies – professional derivatives. The cryptocurrency space has experienced rapid development in recent years, so it’s time for a strategic change for BitMEX, he wrote. “Our goal is to become one of the largest regulated crypto derivatives exchanges in the world and a powerful catalyst for change in the financial services industry.”
The launch of the corresponding services is planned for months and years ahead:
Spot – a full-fledged spot trading service where users can buy and sell cryptocurrencies, rather than their derivatives;
Brokerage is a licensed brokerage service for the provision of basic, agency and over-the-counter services;
Storage – a licensed custodian solution for storing cryptocurrencies;
The Academy is an educational resource on digital assets and trading.
At the end of last year, BitMEX was taken over by new management after accusations were brought against its former CEO Arthur Hayes and other co-founders against the US government. In the future, BitMEX identified all users of its platform and promised to become an example of a regulated cryptocurrency exchange. The company also plans to expand its existing derivatives business with the launch of options trading.
“I come from the regulated and classical world. I already had great connections with regulators. Now I work on the side of cryptocurrencies and lead them into a regulated world, ” said Heptner, who for many years held executive positions on European stock exchanges. “We contact regulators where we are currently represented, but we will also contact where we are not.”
Likewise, other major cryptocurrency exchanges, such as Coinbase and Gemini, provide a wide range of services, including brokerage and storage, beyond just trading. BitMEX’s plan is aimed at increasing the competitiveness of an exchange that once dominated the market thanks to the popularity of its high-leverage derivatives but has since lost ground due to recent changes and the rise of younger platforms such as Binance and FTX.
According to the analytical service Skew, the trading volume of perpetual contracts for bitcoin at BitMEX in the last 24 hours amounted to $ 3.14 billion, which makes it the sixth largest exchange in its category. In terms of the volume of active positions on bitcoin, BitMEX is even lower, occupying the eighth line after Deribit, for which the profile direction is options, not futures.
Bitcoin Futures 24 Hour Trading Volume Image: Skew
BitMEX announced its intention to expand the list of services provided in early March, however, in the latest publication, Heptner revealed additional details. Also, according to him, during this year the company is going to increase the staff and does not exclude the possibility of attracting additional capital.
“We are very interested in tracking IPOs, SPACs and tokenization. It is necessary to evaluate all available opportunities, ”he added.
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