HDR Global Trading, parent company of derivatives trading platform BitMEX, has undergone a perhaps controversial rebranding.
- In a Wednesday company blog post, BitMEX/HDR founder and CEO Arthur Hayes announced the parent entity now has a new name: â100x.â
- Hayes said the change would open the firm up to ânew opportunities and investmentsâ amid the rise in digital financial systems around the world.
- Seychelles-based 100x will now be the holding entity for BitMEX and the groupâs other assets.
- The BitMEX platform and brand will remain unchanged.
- While the holding firmâs new name could appear to be a reference to leverage â using borrowed funds for derivatives trading â Hayes claims differently.
- Any financial service industry that functions on the practices of âopacity, obfuscation and deference to anointed expertsâ is âfair game for destruction by 100x,â he said.
- BitMEX and similar crypto trading platforms have been criticized for offering high levels of leverage that some say bring too much risk for inexperienced traders.
- Last summer, a ChineseÂ bitcoinÂ trader committed suicide after a 100x position was liquidated, losing him about $16.4 million in a single trade, according to media reports.
- BitMEX recently appointed a former Bank of China executive as non-executive chairman of HDR in order to turn the parent business into a âworld-class financial technology company.â
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