BitMEX, one of the companies that helped shape the cryptocurrency derivatives industry that we know today, has announced it is building out five new business lines: Spot, Brokerage, Custody, Information Products, and Academy.
Alexander Hoeptner, Chief Executive Officer at BitMEX, used the company’s blog to announce its plans to expand the firm’s derivatives offering and business segments, as well as the necessary hiring strategy to add the right people to the team for the journey ahead.
“The story of BitMEX closely mirrors the story of crypto itself – the optimistic, visionary beginning, the explosion in popularity, the challenges, and ultimately, transformation as crypto becomes part of the fabric of our daily lives”, CEO Hoeptner stated.
“BitMEX was established in 2014 to bring something from the traditional world – professional-grade derivatives – into the purely digital space of crypto. We’ve experienced incredible success throughout our short history. But the crypto landscape has evolved rapidly in the last few years, and it’s time for BitMEX to make a strategic shift.
Hoeptner joined the company earlier this year with the mission to lead the transformation from a crypto derivatives exchange to something bigger, which is what the firm is announcing: to become one of the world’s largest regulated crypto derivatives exchanges and a powerful catalyst for change in the financial services industry.
“This means over the coming months and years, BitMEX will dramatically expand the services it provides whilst also seeking additional licenses in highly respected jurisdictions”, he added.
BitMEX is building out the diversity of products on the derivatives side, with its derivatives offering remaining at the heart of the business, but Spot trading will be added as a new segment with the launch of full-service spot capabilities globally to provide users with a way to buy and sell crypto assets.
The cryptocurrency exchange will also establish a licensed brokerage to offer end-to-end principal, agency, and OTC trading services to clients, as well as a fully licensed and proprietary asset custody solution, information products, and an education service.
“As crypto trading becomes even more sophisticated and as our Derivatives, Spot, Brokerage, and Custody capabilities take shape, we are going to create an information products division to offer scalable and reliable information products for the crypto community.
“To help our customers and the industry navigate the crypto trading ecosystem, we are going to invest in education with the founding of BitMEX Academy. The Academy will provide educational content on digital assets and trading – with content to cover everyone from crypto novices to crypto natives”, he added.
His “bottom line” is that the firm’s highly ambitious transformation will require talent and as a consequence, BitMEX is upping its game staff-wise. The new hiring strategy will aim to add the right people for the journey ahead.