Cryptocurrency derivatives platform, BitMEX has revealed that it is set to launch corporate services for its customers.
BitMEX Ready with Corporate Accounts
BitMEX, a cryptocurrency derivatives giant based in Hong Kong, recently revealed that it will be launching a new program that will come with benefits for its corporate customers. Some of the features include enhanced security services and other accounting features.
In an announcement made on June 22, BitMEX stated that the new program will be called BitMEX Corporate, and it is targeted at the corporate customers on the platform. Accounts on the cryptocurrency exchange that are not owned and used by individual traders will now be able to operate their holdings legally.
The crypto exchange stated that the new BitMEX Corporate account program has been designed with a set of features and services which are tailored to serve their ever-growing segment of corporate customers better. They added that their new corporate accounts will be part of their offering where the ownership of the account is controlled by a company or any other legal entity but not by an individual. As a result of this difference, accounts will be structured differently in terms of ownership and there will also be additional features where employees can access and manage these accounts on behalf of the company. Other features will include additional security requirements.
According to the crypto exchange, the new features are designed solely for clients that desire different ownership structures for their accounts. They will be given the means by their employees to access and manage such accounts and will be able to explore other security requirements. Despite these added benefits, BitMEX added that options such as the multi-user login and instant transfers between corporate accounts will not be available until sometime this year.
Furthermore, the high volume Corporate Accounts will also be eligible to enjoy the same benefits as the Tiered Account schemes. Some of the benefits available to them include new product incentive schemes and market maker programs, higher rate limit thresholds linked to trading behavior, and the ability to get input on the development of new products and features.
BitMEX added that BitMEX Corporate customers will be asked to take part in the Early Access programs for ongoing product and service development and enhancements. They will also enjoy Sub-Account and Inter-Account Instant Transfer features and Multi-User Login abilities when they are rolled out later in the year.
BitMEX Confidence Low
Although BitMEX remains one of the leading derivatives exchanges in the crypto space, most members of the community are saying that they are losing confidence in its services.
In March this year, the exchange went offline for roughly 25 minutes, at a time when the prices of cryptocurrencies started plunging. Most traders were not convinced by the explanation given by BitMEX, which claimed that it went offline due to hardware issues with its cloud service provider. Furthermore, the exchange is battling a new lawsuit where the company executives are accused of money laundering, wire fraud, racketeering, and unlicensed money transactions.
The cryptocurrency community on Twitter responded to the official announcement from the exchange, with some of the respondents doubtful of the impact of this new development. Crypto enthusiasts believe that BitMEX is switching to corporate accounts because retail traders have left them due to their recent problems.