BitMEX Marks 10 Years as the Longest-Standing Crypto Exchange with 0 Coins Lost
[PRESS RELEASE Mahe, Seychelles, November 20th, 2024]
BitMEX Marks 10 Years of Crypto Derivatives Trading with a Strong Security Track Record
BitMEX, one of the longest-standing crypto derivatives exchange, is marking a major milestone: 10 years of business operations with an unmatched record of zero customer fund losses from intrusions or hacks, while maintaining its focus on professional crypto derivatives trading.
Founded in 2014, BitMEX stands as one of the longest-standing crypto exchanges to consistently work to set industry standards in security, transparency, neutrality, accessibility, and user empowerment. The company has established itself as a platform for professional traders, built on a legacy of robust security and product optimisation grounded in with a focus on enabling trustless crypto derivatives markets. One of the platforms biggest achievements remains its unblemished security record to date with zero customer funds lost, a feat unmatched by any major exchange of our tenure. Furthermore, the platforms perpetual swap, now the most traded derivative structure in crypto, introduced significant changes to the trading landscape, while BitMEXs 100% KYCed user base and biweekly Proof of Reserves and Liabilities publication set new benchmarks for transparency and legitimacy.
BitMEXs focus on professional-grade crypto derivatives trading has shaped its unique approach. Its unwavering commitment to user fund security and neutrality have allowed it to navigate industry challenges while maintaining its reputation as a reliable, industry-first platform.
BitMEXs 10-year Formula for Success
BitMEXs journey to a decade has not been without challenges from navigating legal pressures to adapting to the dynamic nature of the crypto market. Yet, as Co-Founder Samuel Reed mentioned in an article in 2018, The first rule of running a crypto exchange is, and always has been, Dont lose the Bitcoin. This steadfast principle has guided BitMEX through market evolution, with security, transparency, and neutrality as its foundational values. Through a strategic commitment to these values, the company has grown and thrived, standing firm amid industry turbulence and maintaining its position in the global crypto exchange landscape.
Stephan Lutz, CEO of BitMEX adds, BitMEX isnt trying to become a be-all, end-all DLT player, but one that focuses on practical iterations for derivatives traders. The principles of security, transparency, reliability, and technical performance have driven everything we do which have only been validated by the industrys significant challenges such as the FTX and TERRA/LUNA failures. While were focused on being the best at what we do crypto derivatives trading our approach plays a key role in shaping the industry. Were honoured to celebrate a decade with our traders, whose trust has been fundamental to our growth.
10 Milestones for 10 Years: Highlights of BitMEXs Legacy
- 2014 Introduced several industry-first innovations, including offering the first properly margined centrally cleared crypto derivatives, the first crypto public testnet exchange, the first crypto single page app, and the first cold storage-only exchange.
- 2015 First 50x leverage daily XBT futures: Introducing leverage for traders.
- 2016 Creation of the perpetual swap, a core crypto derivative product.
- 2016 Largest crypto insurance fund: ~$2.3 billion and growing.
- 2017 BitMEX Research established: A hub for trusted industry insights.
- 2019 Record BTC trading volume: $16 billion in 24 hours.
- 2020 100% KYCed user base achieved: First crypto exchange to do so.
- 2021 Proof of Reserves and Liabilities published: Advancing transparency in crypto.
- 2023 95% latency reduction with enhanced trading engine.
- 2024 Launch of BitMEX Options: Expanding the derivatives suite.
Whats Next for BitMEX?
As BitMEX moves to the next decade, its roadmap will focus on deepening user engagement and elevating trading opportunities. BitMEX plans to introduce Multi-Asset Margining for enhanced capital efficiency and focus on boosting liquidity to support seamless, high-volume trading in volatile markets. Building on the success of its Trading Bots, BitMEX will also introduce copy trading, enabling users to replicate successful trading strategies.
To kick off these ambitions, BitMEX will launch its largest trading competition to date on November 25, featuring a $1 million prize pool designed to engage new and existing users as they embark on the next chapter of their journey. Users can join the next decade of crypto innovation now.
About BitMEX
BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep crypto native and especially BTC liquidity and unmatched reliability.
Since their founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade in the knowledge that their funds are secure. So too that they have access to the products and tools to support their trading success.
BitMEX was also one of the first exchanges to publish their on-chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week demonstrating its commitment to securely storing and segregating entrusted funds.
For more information on BitMEX, users can visit the BitMEX Blog or www.bitmex.com, and follow Discord, Telegram and Twitter. For further inquiries, users may contact press@bitmex.com.
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Text source: CryptoPotato
