Crypto Exchange BitMEX Cuts Staff as It Pivots Back to Derivatives Strategy

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Crypto Exchange BitMEX Cuts Staff as It Pivots Back to Derivatives Strategy
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Crypto futures exchange BitMEX has cut jobs as it goes back to focus on its derivatives strategy. Reporting by oknightcrypto

to see BitMEX become"more than a derivatives exchange" with a focus on spot trading, custody and brokerage.

"We are going to refocus on liquidity, latencies and a vibrant derivatives community including BMEX Token trading," BitMEX said in a statement shared with CoinDesk."As an undesirable consequence, we had to make changes to our workforce. Our top priority is to make sure all employees who will be impacted have the support they require."

BitMEX, based in the Seychelles, was the largest crypto derivatives exchange in 2018 and 2019 before losing market share to FTX, Binance and ByBit. It created the perpetual swap contract, a form of futures contract without expiry that is now used across the crypto industry.

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