High Roller BitMEX Crypto Trading Firm Rents World’s Most Expensive Office Space
A Crypto Trading Firm has Just Gone Ahead to Rent the World’s Most Expensive Office Space
Arthur Hayes who is a co-founder of Citigroup Inc, which is a crypto platform has just gone ahead to rent the most expensive office space. This is according to a report by a Hong Kong newspaper. BitMEX went ahead to lease space on Cheung Kong Center on the 45th floor, according to the Economic Times of Hong Kong on Wednesday.
The skyscraper has been considered to be home to a number of well-known companies, this is from the Goldman Sachs Group Inc, Bank of America Corp, Barclays Plc, Bloomberg LP, the securities regulators, just to name a few.
Firms within the crypto market are trying their best to vault from the bounds of finance, and straight to the mainstream, this is despite the 65% slump that has taken place in Bitcoin prices. It is from the peak raising in the month of December leading to questions on the stability of the market.
Spending large sums of cash on office space might actually be a sign of how the big companies in the market like BitMEX are able to prosper, even when the market is so volatile causing various investors pain.
How Bitcoin has Been Able to Stack Up
Back in January, Bloomberg was able to interview Hayes, at this time BitMEX was already located in a sparsely decorated office which was located in a logistics and warehouse district that was on the other side of the Victoria Harbor. At the time rent was at HK$25 per square foot, which is about $3.18 per square foot. This is all according to an advertisement made by a nearby real estate agent.
Compare this to the record of HK$225 per square foot that is paid at the Cheung Kong for office space, as the Hong Kong Economic Times reported it.
When Hayes was laid off from Citigroup is when he got inspired to go ahead and co-found a business in 2014, this is after he finally discovered how he could make some easy money. All this is by just exploiting the price differences taking place in Bitcoin in either China and Hong Kong. At the moment BitMEX is able to offer leverage contracts that are easily sold and bought in the crypto market.
As reported by the Economic Times for Hong Kong, the expansion taking place in the company has spurred the decision of going ahead to rent a whole floor of 20,000 square feet at the Cheung Kong Center, this is after BitMEX had earlier considered taking only half of the space.
The Hong Kong property prices have only been moving in one direction, unlike Bitcoin. When we go to the central district, you will be able to note that you will find the highest cost in office occupancy, this is according to a report by CBRE Group Inc, which had cited a survey done in the first quarter.
According to the report, it has been the third time in a row where Hong Kong has been able to top this survey, while the London West End took the number two spot on the study.