Category Archives: BitMEX Ventures

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BitMEX Ventures Invests in Philippines Crypto Exchange Platform

BitMEX Ventures invests in Philippines based crypto exchange platform, PDAX

BitMEX Ventures, the corporate venture arm of the crypto trading platform BitMEX, has invested in a Philippines based cryptocurrency exchange platform, PDAX (Philippines Digital Asset Exchange), as reported on 3 June 2019.

This enables PDAX to extend its service of digital assets beyond cryptocurrencies. Tokens can be used to trade commodities, real estate equities and debt securities. This will help PDAX to launch an official platform from its BETA version. The goal of the platform is to provide an open-market for cryptocurrencies and other assets to secure a digital financial market for all kinds of investment products and securities.

The CEO of PDAX, Nichel Gaba, believes that this will have a twofold effect, that is, it will increase cryptocurrency adoption and awareness among people about digital assets. He said:

“Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth. With the support of BitMEX and by leveraging blockchain technology, we hope to create a digital financial market that is accessible to everyone.”

Arthur Hayes, co-founder and CEO of BitMEX, believes that Filipino users contribute considerably to cryptocurrency trading. Taking this opportunity, investing in PDAX comes as a savior to accomplish the mission of providing users with a reasonable and seamless platform.

CEO of BitMEX acknowledges investment in crypto exchange, PDAX

He said:

We are confident in the transformative potential of cryptocurrency and PDAX’s ability to widen access to the Philippine market and provide the tools to learn more about financial markets.”

 

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BitMEX Launches Venture Capital Arm

Seychelles-based BitMEX is launching a venture capital (VC) arm called BitMEX Ventures, which will invest in blockchain and cryptocurrency-related projects worldwide.

BitMEX is the largest cryptocurrency derivatives exchange in the world, with daily volume consistently in excess of USD 1 billion, more than any single spot cryptocurrency exchange. There was a day when BitMEX’s volume hit BTC 1 million Bitcoins, which was USD 8 billion at the time, the all-time record for any cryptocurrency-related exchange. Traders can leverage their accounts up to 100 times and the platform collects millions of dollars in fees per day from trading and margin lending. Already, BitMEX has purchased the most expensive office space in the world; now it appears it will also be using its profits to enrich the crypto space.

Kumar Dandapani will be the Global Head of BitMEX Ventures and Maxim Wheatley will be in charge of global seed funding and partnerships. BitMEX Ventures’ first investment is Blockfolio, an app which manages cryptocurrency portfolios. BitMEX Ventures is preparing to make another investment into FRST, a cryptocurrency data technology company.

The crypto space has been waiting patiently for institutional investors; many experts believe the next big cryptocurrency rally will be sparked by an influx of institutional capital. BitMEX has grown so large that it can be considered an institutional investor and, unlike traditional institutions, it has expertise.

Other cryptocurrency companies that have launched VC arms include Coinbase, which launched in April 2018 and already has 20 companies in its portfolio. Huobi, among the top spot cryptocurrency exchanges in the world, launched Huobi Labs which has dedicated USD 1 billion for investment into blockchain startups. Likewise, Huobi’s primary competitor Binance has launched a USD 1 billion blockchain investment fund.

With the biggest crypto companies seemingly wielding significant strength in investment, the importance of institutional investors – whose funding is anticipated by some to have a huge impact – could be diluted. The potential for an internal positive feedback loop is appearing, where big companies can invest the capital needed to get startups off the ground, then some of those startups might become institutional investors with VC arms, replicating the cycle.

 

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