Crypto Exchange BitMEX Cuts Staff as It Pivots Back to Derivatives Strategy

Crypto futures exchange BitMEX has cut jobs as it goes back to focus on its derivatives strategy. Reporting by oknightcrypto

to see BitMEX become"more than a derivatives exchange" with a focus on spot trading, custody and brokerage.

"We are going to refocus on liquidity, latencies and a vibrant derivatives community including BMEX Token trading," BitMEX said in a statement shared with CoinDesk."As an undesirable consequence, we had to make changes to our workforce. Our top priority is to make sure all employees who will be impacted have the support they require."

BitMEX, based in the Seychelles, was the largest crypto derivatives exchange in 2018 and 2019 before losing market share to FTX, Binance and ByBit. It created the perpetual swap contract, a form of futures contract without expiry that is now used across the crypto industry.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CoinDesk /  🏆 291. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crypto exchange Bitmex cuts 30% of workforce following CEO departure: ExclusiveCrypto exchange Bitmex cuts 30% of its workforce and refocuses on becoming a leading crypto derivatives trading platform.
Read more »

Layoffs sweep crypto as economic concerns mount; Dapper Labs, Bitmex among hardest hitCrypto layoffs have continued into November as the industry continues to face a bear market and macroeconomic uncertainty.
Read more »

Bitmex, Coinbase and Hong Kong: This week's top stories in cryptoBitmex cut its headcount. A Coinbase product lead left the exchange. Hong Kong is examining ways to open the crypto market to retail investors.
Read more »

‎Bloomberg Crypto: This Week in Crypto: Musk, Doge, and Zimbabwe on Apple PodcastsNow that Elon Musk is at the helm of Twitter, what do his plans for the social media company have in store for digital assets? Bloomberg’s Beth Williams weighs in on the Crypto podcast Apple: Spotify:
Read more »

Santander UK Puts Limits on Payments to Crypto ExchangesCustomers of santanderuk will face tight limits on the amount they can send to crypto exchanges beginning Nov. 15. $1K per transaction and no more than $3K per month. SteveAlpher reports
Read more »