In a groundbreaking move, BitMEX, the world’s leading crypto derivatives exchange, is revolutionizing the trading experience with the introduction of Guilds—a cutting-edge concept in social trading. Designed specifically for professional traders, Guilds enables users to form collectives, exchange ideas, and engage in friendly competition while trading on the platform. This innovative feature aims to foster collaboration and empower traders to thrive in the dynamic world of cryptocurrencies.
Guilds is a dedicated space where BitMEX users can join forces with fellow traders, collectively trade, and share insights, strategies, and market trends. The primary objective of each Guild is to outperform other guilds, aiming for a top three position on the Guilds Leaderboard. Achieving this feat grants the Guild a share in the coveted Guild Pot—a weekly prize pool that adds an exciting competitive element to the trading experience.
To establish a Guild, users select a leader who takes charge of customizing and defining the Guild’s identity. Once the Guild is formed, other traders can join and interact seamlessly in a private chat room integrated into the BitMEX trading user interface. This integration ensures that collaboration and communication within Guilds are seamless, enhancing the overall trading experience.
Stephan Lutz, CEO & Group CFO of BitMEX, expressed the platform’s commitment to supporting traders and recognizing the power of social trading. He stated, “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 recognizes 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.”
Since its βeta launch on June 29, 2023, Guilds has garnered significant interest, attracting over 230 βeta testers who have collectively earned nearly $330,000 in profit and loss (PnL) during the past week. This enthusiastic response showcases the promising potential of Guilds and reinforces BitMEX’s dedication to providing its valued users with an ever-expanding crypto ecosystem that caters to their diverse trading needs.
Lutz further emphasized BitMEX’s understanding of the expectations and unique requirements of professional traders, particularly as traditional Wall Street players increasingly enter the crypto space and institutions make ETF applications more accessible. The initial success of Guilds underscores the platform’s confidence in its product development direction and its ability to empower and support traders through a comprehensive ecosystem.
Any verified BitMEX user can participate in Guilds by either starting a Guild as a leader or joining an existing one. Each Guild can accommodate up to 49 members, and Guild leaders must have a minimum stake of 10,000 BMEX tokens. They hold the authority to manage Guild participants and, if successful, oversee the distribution of the Guild Pot.
As BitMEX’s community continues to test and refine Guilds, further developments and enhancements will provide an advanced social trading experience for BitMEX users. This groundbreaking initiative demonstrates BitMEX’s ongoing commitment to delivering innovative tools and features that empower traders to navigate and excel in the ever-evolving crypto market.
About BitMEX
BitMEX is a leading crypto derivatives exchange dedicated to providing professional traders with a cutting-edge platform featuring low latency, deep liquidity, and unmatched reliability. Since its inception, BitMEX has maintained a spotless record, with no cryptocurrency lost through intrusion or hacking, ensuring the utmost security for traders’ funds. BitMEX was also one of the first exchanges to publish on-chain Proof of Reserves and Proof of Liabilities data, affirming their commitment to safe and segregated fund management.
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