Saying that he has no investment in FTX or Alameda cryptocurrency exchange Bitmex is the local altcoin for investors on Friday despite market volatility following the collapse of Sam Bankman-Fried’s crypto empire. BMEX plans to put it on the market.
We Have No Investment in FTX or Alameda, Launching BMEX Friday
Salama Belghali, Bitmex’s head of global business development and partnerships, said at a conference:
“We stay true to our schedule. The new token is not something we put forward so we can pay for lunch.”
The Bitmex representative also revealed whether they currently have investments in the struggling FTX or FTT token:
“We have no investment in Alameda or FTT. In fact, we have very strict rules. We are safe.”
Bitmex announced last week that it would cut staff by 30% as part of a move away from its “beyond the derivatives market” strategy.
The layoffs came shortly after CEO Alexander Höptner stepped down.
Belghali said Bitmex’s move to refocus on derivatives to regain market share meant that after FTX’s collapse, they “gone from a disadvantage to an advantage.”
Bitmex was once seen as the leader in cryptocurrency derivatives, holding 35% of open interest in Bitcoin futures. Now it only has 2% of the market share and companies like CME Group and until recently FTX held the majority of the market share.
*Not investment advice.
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