BitMEX, which claims to again have become the world’s “leading” crypto derivatives exchange, introduces a new concept in social trading for professional traders, Guilds .
Currently in βeta (testing), Guilds is accessible “to all BitMEX users – new, existing and returning, offering them the opportunity to explore and actively engage with fellow traders.”
Guilds is described as “a dedicated space where users can form a Guild with other users, to trade competitively as a collective and exchange ideas, insights and trading strategies.”
The objective of a Guild is “to outperform the other ones, and claim a coveted top three position on the Guilds Leaderboard, thereby winning a share in the Guild Pot – a weekly prize pool.”
The creation of each Guild is “led by its leader, who is also responsible for customising and defining its identity.” Once the Guild is established, other users “can join and converse with each other in a dedicated private chat room seamlessly integrated into the trading UI.”
Stephan Lutz, CEO & Group CFO of BitMEX said:
“Guilds is not just designed to drive collaboration amongst the BitMEX trading community, it stands as a testament to our commitment to helping our traders thrive and recognises the power of social trading. By being part of a Guild, we hope that our traders can unlock their full potential by learning from their cohort.”
The βeta launch, introduced on June 29, 2023, has “attracted over 230 βeta testers, with traders earning nearly $330,000 in PnL last week.”
The recent progress “achieved by BitMEX marks a significant and encouraging milestone for the company as it strives to provide its valued users with an ever-expanding crypto ecosystem that caters to their diverse trading needs.”
Lutz continues:
“As industry veterans, we understand the expectations and unique requirements of professional traders, especially during times when more Wall Street players enter the space and ETF applications are being made more accessible by institutions. The initial success of BitMEX’s latest offering gives me the confidence in the direction we are taking with product development and in our ability to empower and support traders through our comprehensive ecosystem.”
Any verified BitMEX user can be a Guild member.
They can choose to start a Guild as “a leader, or join an existing one, in which every Guild can host up to 49 members.” Guild leaders must have “at least 10,000 BMEX staked and hold the authority to manage participants of their own Guild, and if won, the distribution of the Guild Pot.”
As noted in the update, BitMEX claims it is “the leading crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep liquidity and unmatched reliability.”