HDR Global Trading, the holding company of popular Bitcoin futures platform BitMEX, has restructured its business, creating 100x, a new entity on the top of all its businesses
“100x will become the new holding structure for HDR Global Trading and all our other assets, including the BitMEX platform,” the official announcement read.
Though Arthur Hayes, one of the co-founders of HDR Global, did not specify the exact reason for the creation of a new holding entity, he only hinted that this step has been taken “to pursue a broader vision to reshape the modern digital financial system into one which is inclusive and empowering.”
Multiple industry experts, however, highlighted that the leading Bitcoin futures platform might be jumping into other sectors away from crypto, including contracts-for-differences (CFDs) offerings, which still remains a lucrative industry to enter.
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“This evolution will provide us with more freedom to explore, incubate and pursue new opportunities and investments, whilst remaining entirely committed to enhancing BitMEX’s leadership position,” Hayes added.
100x – synonymous with the leverage offered
BitMEX got popularity by introducing Bitcoin perpetual contracts, which are similar to traditional futures contracts but without any expiration date, with astronomical leverage of 100x. Though that followed other market players to offer even more leverage for crypto futures, BitMEX was the first to come up with that.
Apart from Hayes, the 100x Group will be also led by HDR’s other co-founders, Ben Delo, and Sam Reed, and also joined by the recently appointed non-executive chairman Dr. David Wong.
“BitMEX remains central to the ongoing success of our business, and we will continue to invest in the platform to maintain and grow our leadership position. But our ambitions don’t stop there. With the knowledge, experience, and resources of 100x, we have great confidence in our ability to make a positive and long-lasting impact on the development of the digital financial ecosystem of the future,” Wong added.