BitMEX parent company restructures to 100x Group

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BitMEX CEO Arthur Hayes has announced that the digital currency platform, along with its former holding company HDR Global Trading, will have a new holding company—called 100x Group—that will oversee each entity and its assets.

In an announcement, Hayes said: “This evolution 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. The BitMEX platform, brand and legal structure remain entirely unchanged by the launch of the 100x Group, but we will be doubling down on growth of BitMEX through continual product innovation and technology advancement. BitMEX is, and will remain, the cornerstone of our success.”

Will BitMEX move into traditional finance?

Some believe that the BitMEX team has created 100x Group so that it can act as the parent company of a variety of non-digital currency-related products. In other words, some people believe that Hayes and his team have created the new holding company so that they can begin offering ‘traditional’ financial products. 

“Financial services play a critical role in our economy and daily lives, but have become cumbersome and expensive, and remain slow to transform in the digital era,” according to the 100x Group website. “We formed 100x to ignite a bolder ambition—reshape the modern digital financial system into one which is inclusive and empowering.” 

The text on the 100x Group website does indicate that its team is looking to revamp the ‘traditional’ financial system, but it remains unclear how they plan to do this.

At the moment, there is not much information available about 100x; however, the “portfolio” page on the 100x website currently shows that BitMEX and a company called 100x Ventures are currently in the 100x Group portfolio.