BitMEX, the crypto derivatives exchange based in Hong Kong, has recently launched a new program, one that holds many benefits for the exchange’s corporate clients. These benefits include that of enhanced security services, as well as new accounting services.
Catering To Corporate Clients
The exchange made the announcement on the 22nd of June, 2020, stating that it was launching a new program dedicated to its corporate customers, in particular. This service has been aptly named BitMEX Corporate. Accounts that are within the crypto exchange and aren’t owned and operated by a singular individual can now ensure that their various BitMEX holdings are the official legal property of a corporation.
BitMEX explained that these new features were developed particularly for its clients who have a need for a different ownership structure when it comes to their accounts. With this new structure, employees can access and otherwise manage accounts, as well as security requirements. Even so, the announcement also highlighted features such as instant transfers between accounts, as well as multi-user login, which would be made available later in this year.
Loss of Confidence
BitMEX still stands as one of the biggest crypto derivative exchanges the world has to offer. However, there has been a marked sentiment that the crypto community is starting to lose confidence in its overall superiority, as the world at large has new contenders enter the arena.
It was back in March when the crypto exchange went offline during the catastrophic bloodbath that was the market crash, doing so for 25 minutes. BitMEX gave an explanation that there was a hardware issue within its cloud service provider, but many within the BitMEX user base didn’t buy it. Alongside this, another new lawsuit has sprung up, accusing its executives of wire fraud, racketeering, unlicensed money transmissions, and money laundering. Overall, it doesn’t look suitable for the heavyweight crypto derivatives exchange.
A Grim Reception
Crypto Twitter has had a very interesting, very tepid response to the announcement at large.
Did you know that BitMEX offers exclusive benefits and features for corporate accounts, including access to dedicated relationship managers?
— BitMEX (@BitMEXdotcom) June 23, 2020
One of the top comments about the matter, a user going by Crypto Diagnostics, simply asked, “isn’t it too late guys?” This shows that there is genuinely a very nihilistic view of BitMEX at the time, with Crypto Twitter seeing this more as an attempt to regain lost clout than anything else.
Whatever the real reasons may be, it’s clear that BitMEX has hit a rough patch, one that isn’t going to go away anytime soon. With any luck, things can recover, but the prognosis is grim indeed.