HDR Global Trading Limited, the company behind cryptocurrency derivatives trading platform BitMEX, has announced the creation of a new holding company structure with the launch of 100x.
The new structure sees 100x become the new holding structure for HDR and all other assets including the BitMEX platform.
There has been an air of uncertainty around BitMEX and HDR’s regulatory status in the UK in recent months following a notice on the platform stating that HDR is not authorised or regulated by the FCA.
The BitMEX platform, brand and legal structure remain entirely unchanged by the launch of 100x, and the Group will continue to invest in growing the BitMEX platform through continual product innovation and technology advancement.
The team behind BitMEX created the XBTUSD Perpetual Swap, which has become the most traded cryptocurrency product of all time, and has enabled the BitMEX platform to remain one of the most liquid cryptocurrency trading platforms.
We’re building on the success of BitMEX and creating a new holding company structure to pursue our bold ambitions. Introducing @100xGroup: https://t.co/oKKhbcCKRO pic.twitter.com/ONPe93WA57
— BitMEX (@BitMEX) July 15, 2020
Arthur Hayes, Co-Founder and CEO of 100x Group, said: “Financial services play a crucial role in our everyday lives and in the global economy. Yet, in this digital age, financial services remain too slow and too complicated to transform. We are setting out to change the status quo and reshape the modern digital financial system into one which is more inclusive, and empowering.”
The 100x Group is led by HDR’s founders, Arthur Hayes, Ben Delo and Sam Reed. They are also joined by recently appointed Non-Executive Chairman, Dr David Wong, as reported by Coin Rivet earlier this month.
Dr David Wong, Non-Executive Chairman of 100x Group, added: “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.”
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.