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The co-founder and Chief Executive Officer of BitMEX have made some interesting revelations in the industry. According to Hayes, the popular exchange which handles crypto derivatives has plans for a new expansion into crypto options. The CEO revealed this plan to the public during an interview on the 12th of April with Venture Coinist podcast.
Let’s recall that CEO Arthur Hayes was once a trader of equities for Citigroup. According to him, the firm plans to launch the new platform in 12-18 months. He also dropped some hints that the company plans to make innovative changes to options listings. Hayes stated that BitMEX had sent someone to work with professors on how to go about the process. They want to create new processes of option listing, and the company is taking the necessary steps to achieve it.
A little about BitMEX
The company came into the industry in 2014 and right now, they record a daily trade of $1.1billion. This figure puts the company amongst the largest firms that engage in crypto exchanges all over the world. That is if you measure them by the volume of trades that takes place on their space each day. Well, the company deals only on derivations. As such, they are not amongst the CoinMarketCap’s volume and price average for the leading cryptocurrency, Bitcoin.
For those who don’t know it, the platform for Option listing is still amongst their scope. Options are also a type of derivative. However, it allows the buyer to sell or buy an asset in the future at a price which the parties will agree today. The purpose of Option is to serve as a speculation, hedging and protection strategy. Traders use them to protect themselves not minding the type of market condition they face.
Former Interests By BitMEX
Let’s recall that CEO Arthur Hayes made recent predictions about Bitcoin. He said that the digital coin would recover back to the mark of $10,000 at some point in 2019. Still, on this, Hayes mentioned that from the early months of the fourth quarter, Bitcoin would start to recover.
Well, we also learned that the company has other plans besides the launching of the new platform. They are conducting their research into the workings of the cryptocurrency industry. BitMEX started this research since the first month of this year’.
Recall the report on how the bear market in 2018 impacted the ICO Projects’ token valuations. That same January, the firm denied the reports circulating in the media about customer accounts. We heard back then that the BitMEX was closing the accounts of people living in Quebec and the U.S. The reason for such actions according to the rumor was that there were some regulatory issues.
However, the company came out and denied such news. They told the public that the rumor was false and an attempt to create unnecessary sensations.