These are exciting times for BitMex, a real-time trading platform for the popular Bitcoin digital currency. This particular startup won the top prize of US$10,000 during the recent Tech in Asia Singapore 2016 Startup Arena.
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Some people may have heard of BitMex before, as this platform is specialized to speculate on the future value of digital currencies, including Bitcoin. But that is not the only interesting aspect about this startup, as they offer a way for international users to buy stocks in the US, for example. However, most of the focus lies on guesstimating the Bitcoin price evolution.
Up until this point, BitMex has been flying under the radar according to most media outlets, despite attracting 5,300 clients to date. More importantly, the Bitcoin-based trading platform has processed over US$650m in exchange volume so far, which is quite a significant amount for a company very few people seem to have heard of.
To put these numbers into perspective, the Bitcoin startup has made US$360,000 in income so far, as they charge a 0.05% exchange fee for each transfer. Additionally, the company has attracted a fair amount of investor interest as well, resulting in slightly under US$200,000 in funding so far.
Not that the company has anything to fear on the financial side of things for now, as they recently won the top prize at the Tech in Asia Singapore Arena. This results in a US$10,000 prize, and a lot of recognition for beating close to 500 other startups during the competition. After all, recognition is the most invaluable “award” for running a startup company.
Despite all of these positive news bits, BitMex still has some things to work on for the future. Government regulation does not allow the company to work in the US, which is not necessarily a top priority right now. Instead, the company has shifted most of its attention to the Asian market and was part of the Chinaccelerator program in 2015.
Companies such as BitMex can be invaluable for Bitcoin adoption in the long run. Although there are multiple digital currency exchanges in the region, this startup offers something extra to attract investors. Many Asian traders are interested in Bitcoin for its arbitrage opportunities, rather than using it as a currency.
Source: Tech In Asia
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