BitMEX Introduces Social Trading for Professional Traders Called Guilds

The Seychelles-based cryptocurrency exchange BitMEX launched a dedicated space where traders can actively engage with each other. The new solution, dubbed Guilds, is currently in beta (testing) phase.

The upcoming development could be considered a breath of fresh air for the company that went through some serious setbacks during the crypto winter. It dismissed a chunk of its employees last year while its CEO Alexander Höptner stepped down.

Enter Guilds

According to a document seen by CryptoPotato, the social trading option will be available to all BitMEX users. Guilds will allow them to exchange ideas, talk about trading strategies, and share insights. 

Each Guild will consist of a leader who will take responsibility for customizing and defining its identity. Other customers can join once the feature is established and discuss in a private chat room integrated into the trading UI.

Any verified BitMEX user with at least 10,000 BMEX staked can become a leader, while each Guild can host up to 49 members.

Stephan Lutz – CEO and Group CFO of BitMEX – stated that Guilds aims to “drive collaboration” amongst the platform’s community and “stands as a testament to our commitment to helping our traders thrive.”

He noted the progress made by leading companies in the ETF field, saying BitMEX must comply with the high expectations in the current crypto industry:

“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.”

The feature (introduced at the end of June) has already amassed over 230 beta testers, with traders earning approximately $330,000 in PnL last week. 

Last Year’s Turbulence

The bear market in 2022 harmed the operations of BitMEX, which saw its previous CEO Alexander Höptner resigning from his post. Prior to that, the German took part in an exclusive interview for CryptoPotato, talking about the necessity of regulations in the crypto sector, and vowed to take the marketplace to a new era. 

BitMEX has also put its name in the long list of digital asset entities that laid off a percentage of its staff due to the macroeconomic conditions. However, the exact number of dismissals remained unannounced.