“We are pivoting from our Beyond Derivatives strategy and will return much of our focus aiming at providing the crypto derivatives trading experience people will turn to,” as per Bitmex.
The corporation launched an effort into spot trading, brokerage, and custody services as part of its “beyond derivatives” strategy: “We are going to refocus on liquidity, latencies and a vibrant derivatives community, including BMEX Token trading.”
Around 180 employees were recruited at Bitmex as of September.
Bitmex later confirmed that the figure was smaller. Originally, it was stated that 30% of the workers had been laid off. The business hasn't disclosed a precise figure, though. After abandoning its bid to acquire the German bank Bankhaus von der Heydt, the firm earlier cut 75 workers.
The company is planning to concentrate on liquidity, latencies and a dynamic derivatives ecosystem incorporating BMEX Token trading, according to their statement.
The company's primary concern, they continued, is to ensure that all workers who may be disrupted get the assistance they need.
Following its founding in 2014, Bitmex was the first cryptocurrency exchange to provide crypto derivatives.
The termination came a week after Bitmex's CEO Alexander Höptner left the company after less than two years, at which point Chief Financial Officer Stephan Lutz was named as acting CEO.
When BitMEX's predecessor Arthur Hayes was being investigated by American market regulators, Höptner was called in to save the company.
When Höptner became CEO in January 2021, the exchange urgently needed security and a reprieve from the legal assault brought on by US regulators over its derivatives products. Using his skills at Börse Stuttgart, Deutsche Börse AG, and headed Euwax AG as a guide, Höptner vowed to shift the exchange's major emphasis away from derivatives and toward other products.
Along with Bitmex, other cryptocurrency exchanges like Crypto.com and BlockFi have also fired staff members.
As a result of the pressure from challenging market conditions, cryptocurrency exchange Crypto.com and lending platform BlockFi announced its intention to slash over 400 positions internationally in June.
Crypto.com announced that it would lay off 260 employees, or 5% of its staff. Around 170 employees would be let go as part of BlockFi's 20% employment reduction announcement.
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