Cryptocurrency News

CEO of Bitmex Reveals His Plans

The Chief Executive Officer and co-founder of Bitmex, Mr. Arthur Hayes while speaking in an interview with Luke Martin on his podcast has revealed about his plans to launch Bitcoin-based short-term bonds and other financial products based on BTC. The interview was held on 12th April.

The former Citi group executive has also revealed that the exchange has plans to allow investors to invest on S&P 500 and NASDAQ stocks that too by utilizing their Bitcoin and eliminating the risk of Bitcoin-USD. Presently he has no plans for native virtual currencies as he thinks it will complicate the problems rather than solving it. He further said the project would take another 12 to 18 months for its completion.

He said he wants to craft some bonds where highest quality miners and exchanges release short term Bitcoin bonds to the network. His team will be working on the plans for this innovative kind of bond for the following few months. BitMex is also consulting with some professor about how to work on this process. The company is planning to start a new process of option listing and is looking for the necessary steps to accomplish it.

After a long time, the market has recovered a bit and Bitcoin is finally trading at $5000. According to Hayes Bitcoin will trade at fifty thousand dollars within the next 2 to 5 years. As indicated by him, the BTC supported product will open up the most important indices of the world. He also said technology of Bitcoin is essential to the company and it is the reason behind the success of the company.

One of the reasons behind his optimism is people around the world has started to rely more on mobile money than on cash and the government across the globe is emphasizing to abandon cash. People have also begun to understand the importance of Bitcoin and the benefits it can provide.

Because of Bitcoin, Bitmex can act so flexible. It has helped the exchange for 100x perpetual swaps. They have introduced the perpetual swaps for ETH- USD back in August 2018. He also revealed that just within two months it had become the most liquid trading instrument for ETH – USD. After the success, the exchange is planning to launch other altcoin perpetual swaps.

Bitmex came into existence in 2014 and had a daily trade volume of $11 billion. The trading volume has pushed the exchange among the top exchanges of the world. The exchange is working only for derivatives. Besides working on the new platform, the firm is also researching the crypto industry. They have already started their research from the beginning of this year.

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