BitMEX CEO Stephan Lutz is optimistic about the cryptocurrency industry, despite the collapse of FTX and major lenders in 2022. He highlighted the increased user numbers and trading activity in the industry, which he believes is experiencing a period of resurgence.
This comes as a relief for BitMEX, which operated amid legal battles concerning its co-founders Arthur Hayes and Benjamin Delo over the past year. Lutz, who took over as CEO in late 2022, describes a period of tremendous change for the industry with unparalleled global attention:
“Last year we saw a leveling of the industry. More began to pay attention to the need for proof of reserves, clear asset custody and stoic security.”
BitMEX has been transparent with its users and has been publishing proof of reserves and liabilities data twice a week since August 2021. Lutz noted that exchange tokens remain relevant despite the collapse of FTX. BitMEX launched its own native token (BMEX) on its platform amid the FTX saga, which offers benefits to traders such as fee discounts and rewards.
Despite the legal troubles, BitMEX remains profitable and has seen an increase in users in 2023 as it continues to focus on derivatives offerings in the industry. The derivatives exchange has also seen increased trading volume on meme tokens, including PEPE and AIDOGE:
“Just last week, our top trader took home over USD$600,000 in profit, the majority of which came from our newly listed 1TAIDOGEUSD perpetual swap.”
BitMEX has been an active derivatives platform in the industry and only launched a cryptocurrency spot exchange midway through 2022.
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