BitMEX Mulls Plain Vanilla Products As It Looks To Increase Market Share
Major crypto derivatives exchange BitMEX might introduce a new range of plain vanilla, or basic financial products designed to boost its market share, according to Alexander Höptner, CEO of 100x Group, the holding behind the platform.
“The products that we offer right now are pretty sophisticated products, so we are more targeting right now professional or semi-professional traders. I think we need to expand that product universe to more ‘plain vanilla’ products to increase the customer base, and bring new customers,” Höptner told Bloomberg TV, without specifying.
The exchange now offers perpetual contracts and futures, while also offering up to 100x leverage on some of its products.
Trading volume on BitMEX:
The CEO added that, to further develop its business, BitMEX also needs more regulatory clarity in the markets in which it operates.
“I think what is also needed is stability from a regulatory framework. A lot of regulators are already working on this, and I think this is important to give confidence into the market that the products have approached a pretty environment and sound basis. And this then will also support confidence into the product,” according to Höptner.
BitMEX’s parent company hired Höptner last December to replace Vivien Khoo who managed the exchange on a temporary basis after Arthur Hayes, the platform’s Co-founder and previous CEO, was forced to step down last October.
The exchange found itself in the crosshairs of the US authorities last autumn after the Department of Justice and the financial regulatory Commodity Futures Trading Commission filed charges against its executives, accusing them of operating an unregulated trading platform and breaching US anti-money laundering (AML) and know-your-customer (KYC) rules.
Höptner, who took over the position last January, brought his experience from German legacy finance institutions to BitMEX. He previously headed the Stuttgart stock exchange Börse Stuttgart and Euwax AG, a company that provides financial service to the stock exchange.
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