Hong Kong-based bitcoin derivatives platform BitMEX received a vote of confidence this week when it won the Hong Kong leg of Slush's startup challenge.
Slush is a worldwide pitching competition for startups with local events in at least 18 different cities. Its events aim to match startups with venture funders and also feature thousands of pre-arranged private meetings between startups and investors.
At the Hong Kong event, each startup was given three minutes to pitch their product followed by a Q&A session. Competitors were judged on their presentation skills, business model and quality of answers to questions.
CEO Arthur Hayes told CoinDesk his firm's focus on bitcoin gave it an edge.
About 200 people attended the presentation, which Hayes said would help spread the word about bitcoin and its derivatives market to those who might not have been familiar with either subject.
His own years of experience in the mainstream institutional trading and derivatives world, Hayes said, gives him firm knowledge of what BitMEX needs to succeed in the bitcoin universe.
BitMEX (for Bitcoin Mercantile Exchange) will go live with real bitcoin trading at the end of October. It is currently still in trial phase, with its market makers busy perfecting their trading systems in order to provide adequate liquidity from day one.
November's Helsinki event promises 10,000 participants, including 2500 companies from over 90 countries and $200bn worth of venture capital represented.
According to the Slush Hong Kong website, as the winner BitMEX gets (as well as the trip to the Helsinki event) a free pass to StartmeupHK Week from 10-15th November, a free booth at the TEDxHongKong 2014 Startup Pavilion on 15th November, and two VIP passes for TEDxHongKong Live on 11th October 11th.
Image courtesy BitMEX
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