BitMEX Parent, HDR Global Trading, ReBrands As ‘100x Group’ And Restructures the Company
- BitMEX parent firm, HDR Global Trading, creates a new holding company structure, named 100x.
- The restructuring will include all companies under HDR Global Trading in a bid to “reshape the model of the financial industry.”
In an announcement sent out on the BitMEX blog, the crypto exchange parent company, HDR Global Trading, will move all assets, including the exchange to its new holding firm, 100x, in a new corporate restructure. According to the statement, the restructuring aims at building on the successes of HDR, enhancing the current financial system into a more “inclusive and empowering” system.
Speaking on the latest restructure, CEO and Founder of BitMEX, Arthur Hayes said,
“We are setting out to change the status quo and reshape the modern digital financial system into one which is more inclusive, and empowering.”
The Seychelles-registered 100x Group will give the exchange more freedom to explore, incubate, and pursue new opportunities and investments. BitMEX will retain its legal name and documents in its push to recoup the top position in the Bitcoin margin trading market.
The 100x Group leadership
Arthur is also the co-founder and CEO of the 100x Group with Ben Delo and Sam Reed, part of the management team of over 200 employees. The switch to 100x Group also sees Dr. David Wong join the company in a non-executive director’s role and will focus on the firm’s corporate strategies and long term growth prospects.
Speaking on his appointment, Wong confirmed the interest in BitMEX restructuring to take it back to the top in the crypto exchange space. He, however, sees a greater future with the move to 100x Group:
“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.”
HDR Global Trading recently participated in a $3.5 million funding round for crypto options exchange, Sparrow, in a bid to expand its operations in the cryptocurrency field.