BitMEX Derivatives Exchange Operator Rebrands to '100x'

BitMEX's parent company, HDR, has undergone a perhaps controversial rebranding to 100x.

By Sebastian Sinclair

Jul 15, 2020 at 3:29 p.m. UTC

Updated Sep 14, 2021 at 9:31 a.m. UTC

hayes, bitmex — Arthur Hayes, former CEO of BitMEX

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Sebastian Sinclair

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

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: "100x."
Hayes said the change would open the firm up to "new opportunities and investments" amid the rise in digital financial systems around the world.
Seychelles-based 100x will now be the holding entity for BitMEX and the group's other assets.
The BitMEX platform and brand will remain unchanged.
While the holding firm's new name could appear to be a reference to leverage – using borrowed funds for derivatives trading – Hayes claims differently.
Any financial service industry that functions on the practices of "opacity, obfuscation and deference to anointed experts" is "fair game for destruction by 100x," 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 Chinese bitcoin 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 "world-class financial technology company."

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sebastian Sinclair

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Sebastian Sinclair