One of the biggest crypto derivatives exchange platforms out there, BitMEX, has seen the firm behind it undergo corporate restructuring. Through this restructuring, the BitMEX parent company, having been called HDR Global Trading Limited, will now go by the name of “100x Group.”
The announcement of the restructuring and change came on the 15th of July, 2020, and 100x, based in Seychelles, has now become the new holding structure for HDR, as well as all other assets. This, of course, includes the BitMEX derivatives exchange.
Through the announcement, 100x stated that this new structuring would help provide the group with a greater level of freedom. This level of freedom, the announcement said, will be used to incubate, explore, and pursue various new investments and opportunities.
Hints At Further Expansion
There was further hinting that the company will plan to expand into other ventures, as well, beyond that of the BitMEX exchange.
After the restructuring, 100x Group stands with over 200 employees and is led by the founders of HDR: Ben Delo, Arthur Heyes, and Sam Reed. The new holding firm’s publicity bio states that 100X Group aims to incubate, explore and pursue investments and opportunities, doing so as part of a mission to reshape the digital financial system of the modern day.
The co-founder and CEO of 100x Group, Arthur Hayes, put emphasis on the legacy financial system’s slow, cumbersome nature. He stated that the company is aiming to change the status quo, reshaping the modern digital financial system. The idea is to shape this system that is more empowering and inclusive to the world at large.
Wong Appointed As Chair
This restructuring of HDR into 100x has seen the appointment of Dr. David Wong as the no-executive chairman of 100x Group. With this position, he will be tasked with the development of the long-term growth strategy of 100x as a whole.
Wong made it clear that BitMEX will stand as the central focus of the success of 100x Group as a whole, promising to continue the investment into the platform to maintain and grow BitMEX’s leadership position.
Furthermore, the chair stated that the plans of 100x involve a positive, long-lasting impact on the digital financial ecosystem’s development into the future, which hints at expansion beyond BitMEX as a whole.
The appointment of Wong was made on the 30th of June, 2020, where he had previously held a senior position in both ABN AMRO Bank and Bank of China, as well.