HDR Global Trading, the parent company of popular cryptocurrency derivatives trading platform BitMEX has launched a new holding entity for all operations related to BitMEX. This includes ventures within and without the cryptocurrency space.
Dubbed 100x Group, the new holding company does not affect the current operating structure of HDR Global and neither does it affect that of BitMEX exchange.
“Building on the success of BitMEX, the new 100x holding company structure will pursue a broader vision to reshape the modern digital financial system into one which is inclusive and empowering. 100x will become the holding structure for HDR and all their other assets, including the BitMEX platform,” a release published on Wednesday noted.
According to the release, 100x Group will represent a new structure to the operation of the HDR Global and its subsidiaries as well as offer a holding structure to any future expansions.
“This new structure provides the Group with 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.”
In a blog post today, Arthur Hayes, one of the three co-founders of HDR Global explained that the launch of 100x was advised by the need to further the vision of the initial company; bringing financial inclusion to the masses and encouraging the development of unique financial technology innovations.
The evolution to 100x “will provide us with more freedom to explore, incubate and pursue new opportunities and investments, whilst remaining entirely committed to enhancing BitMEX’s leadership position,” he wrote.
In a statement today, Hayes said that,
“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 a more inclusive one, and empowering.”
There is a noticeable effort to avoid revealing the plans and ambitions behind the launch of 100x.
The leadership behind the 100x Group entity comprises of Hayes and his two HDR Global co-founders Sam Reed and Ben Delo. Dr. David Wong, a recently appointed Non-Executive Chairman to the HDR Global company will also join them to run 100x Group.
“BitMEX remains central to the ongoing success of our business, and we will continue to invest in the platform to maintain and grow our leadership position. But our ambitions don’t stop there,” Dr. Wong said. “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.”
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