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Cryptocurrency derivatives exchange Bitmex has abandoned its strategy to promote spot trading services, as well as brokerage and custody services. In addition, the company laid off 30% of its employees.
The site’s management announced the abandonment of the “Not only derivatives” strategy, in which the exchange promoted various cryptocurrency services. Now the site will focus on providing access to derivative products.
“We are moving away from our Beyond Derivatives strategy and will once again focus on providing the best possible crypto derivatives trading experience. We will develop liquidity, reduce order execution delays and support the derivatives trading community, including the BMEX token,” a company representative said.
He added that one of the undesirable consequences of this paradigm shift was a reduction in the workforce. Bitmex promises to provide all employees affected by the cuts with the support they need.
Note that Bitmex CEO Alexander Höptner recently left. His functions will be temporarily performed by the CFO of the exchange, Stephan Lutz. Now the site accounts for approximately 2% of the total volume of trading in bitcoin futures.
#Bitmex #exchange #cut #staff
