BitMEX’s parent company, HDR Global Trading Limited, has established a new holding company structure – 100x. As BitMEX will fall under the new structure, the organization noted that it would enable the platform more freedom to develop new features and opportunities for clients.
A New Structure Above BitMEX
HDR Global Trading Limited is the company behind the popular Bitcoin margin trading exchange – BitMEX. HDR announced yesterday the creation of the new holding company structure 100x. This should allow the entire organization to “pursue a broader vision to reshape the modern digital financial system into one which is inclusive and empowering.”
By implementing these structural changes, 100x will become the holding company for HDR and all other assets, including the BitMEX trading platform. As such, the new group will have more “freedom to explore, incubate, and pursue new opportunities and investments, whilst remaining committed to enhancing BitMEX’s leadership position in the cryptocurrency exchange market.”
Investments in the BitMEX trading platform will continue. Furthermore, the group, employing now over 200 people such as developers, engineers, financial products specialists, and compliance experts, intends to expand its team.
“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.” – commented Co-Founder and CEO of 100x, Arthur Hayes.
100x New Non-Executive Chairman
Shortly before the 100x creation, HDR appointed Dr. David Wong as Non-Executive Chairman. Thus, Wong joined the HDR founders – Hayes, Ben Delo, and Sam Reed.
The Non-Executive Chairman position suggests that Wong won’t interfere in the day-to-day company affairs. Instead, he will focus on transforming BitMEX into a “world-class financial company.”
Wong also spoke on the recent restructuring, saying that the popular derivatives exchange “remains central to the ongoing success of our business.”
He added that the group behind BitMEX 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.”