Big congrats to BitMEX #ChinacceleratorBatch8 on becoming the #1 bitcoin exchange in the world! Woot!
BitMEX, a Chinaccelerator Batch 8 company, is a trading platform that gives retail investors access to the global financial markets using digital currencies, the blockchain, and financial derivatives. BitMEX’s goal is to become the largest trading platform for any type of digital currency based financial derivative.
Why did BitMEX join Chinaccelerator?
China is the largest market for digital currency trading. It is also a market where the middle class has very few investment options. BitMEX allows investors who possess Bitcoin the ability to speculate with leverage, long or short, on the Chinese equity market.
“We are a foreign company. We joined Chinaccelerator because we believed Chinaccelerator would help us enter the Chinese market. We learned how to be successful as foreigners operating a startup in China,” says Arthur Hayes, CEO of BitMEX.
What happened at Chinaccelerator?
In an interview with Bloomberg, BitMEX explained that they initially thought what they needed to do was to localize their English-language platform. With Chinaccelerator, they found out that language wasn’t the problem. What Chinese investors wanted was “the ability to borrow – a lot.” BitMEX then “began allowing people to borrow as much as $100 for every $1 they have in capital — five times more than some competitors offer.” Trading volume has surged.
What has happened since Chinaccelerator graduation in November, 2015?
- Risen to be the number 1 Bitcoin exchange globally by trading volume
- Added 16,000 users to the platform.
- $5.37 billion worth of financial products traded on the platform