BitMEX is a trading platform that uses digital currencies as a common form of collateral. Due to current regulation, the company does not operate in the United States but it does appeal widely to both the European and Chinese investors, who are both Bitcoin-savvy and eager for access to international markets. The platform is predominantly digital-currency focused, but the goal is to list other key financial products such as stock indices. An example is the recent launch of the world’s first Bitcoin-denominated China Index futures product.
How they’re disrupting
Since launching in late 2014, BitMEX has over 6,000 users, almost a 1000% Year- on-Year growth rate, who have traded over US$750 million worth of financial products. Trading volumes average US$5 million each day on BitMEX. In April 2016, they won the Tech in Asia Singapore 2016 pitch competition, beating 475 other startups.
With predictions that by 2025, 10% of global GDP will be stored on blockchain (the tech behind Bitcoin and other virtual currencies), BitMex is well place to own this new trading environment.
Investments and future
After an initial fundraising round of US$180,000, the company is now aiming to raise US$2 million in growth capital to expand its offerings and scope. The ambition is for BitMEX to become a fully-featured trading platform, offering stocks, bonds, commodities, and currency trading. As for international growth, BitMEX also has its sights on South Korea, Japan and further integration in the China market.