Popular platform BitMEX has risen to the top of the crypto exchange world over the past couple of years. Luke Martin, a.k.a. Venture Coinist, interviewed BitMex CEO Arthur Hayes on a myriad of topics, including what’s coming up for the big exchange.
In an April 11 YouTube interview with Hayes, Martin asked the BitMEX CEO a bevy of questions on the exchange, as well as other topics.
Martin pointed toward Hayes’ comment about BitMEX’s goal to be one of the largest global financial institutions, referencing his statement on one of Laura Shin’s podcasts in 2018. In response, Hayes mentioned a changing of the tides in terms of technology usage in the younger generations, leading to a new type of trend in dealing with finance and money. He added that crypto exchanges fit this new direction well.
BitMEX primarily is known for its trading functionality. However, Hayes also mentioned exploring other types of investment products that he sees might be applicable. The CEO said he has been looking into the aspect of generating “income natively,” for bitcoin holders. “If I hold some bitcoin, and I want to generate some income from it, it’s extremely difficult,” he explained. “It means I have to lend it to somebody unsecure,” he said.
Circling back to the scene in traditional markets, Hayes said:
One of the underpinnings of the fixed income markets and traditional space is that high quality corporates that everybody knows and trusts and have a reputation on the line, issue commercial paper, short term paper, in usually U.S. dollars for their funding needs for their company. Now usually they don’t need this money. It’s more that its operationally and financially efficient for them to borrow money instead of using their retained earnings, so that should happen in crypto as well.”
Hayes said he desires to build a future in which top miners and exchanges “issue short-term bitcoin bonds to the ecosystem.” He mentioned the reputation of these top entities as an incentive to uphold their ends of the deals. This activity and ecosystem might bring more activity and participation into the crypto space.
The entrepreneur included that he potentially looks toward the upcoming months to evaluate market interest for such an ecosystem. This ecosystem might also lead to a host of new trading activities on BitMEX, the CEO included, aiding in further success for the exchange. “That’s really going to take our platform to the next level and help us achieve our goal of becoming the largest exchange.”
S&P 500 and Nasdaq investment
Hayes also spoke any many other topics in the interview, such as upcoming traditional investment options, via bitcoin. He hopes that by summer 2019, users, via an entity separate from BitMEX’s current platform, will have the option to invest in S&P 500 and Nasdaq Q indexes using bitcoin.
The BitMEX overload
Additionally, Hayes mentioned the famed BitMEX overload problem, in which traders sometimes are unable touse the platform during peak activity. He said his team expanded the exchange’s capacity, improving the problem in 2018. When BitMEX released its ethereum/USD perpetual swap product in August of 2018, however, the platform’s performance took a hit again, seeing overload problems due to popularity and an overabundance of demand on the overall system.
The CEO noted BitMEX has held off on releasing new products since last August, working to fix the overload issue. “Company-wide, we’ve been on a moratorium for new products while we work on rearchitecting our entire trading engine, which is going along and we hope to have that finished in the third quarter or fourth quarter of this year .”
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