HDR Global Trading Limited, the company behind Bitcoin Billionaire veteran crypto-derivatives platform, has undergone a corporate restructuring and will now be known as the ‚100x Group‘.
HDR announced the changes on July 15 and 100x, based in the Seychelles, will become the new holding structure for HDR and all other assets, including BitMEx.
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The announcement said that „the new structure gives the group more freedom to explore, incubate and seek out new opportunities and investments.
There are also suggestions that the company can expand to other companies beyond BitMex.
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100x Group is led by HDR founders Arthur Hayes, Ben Delo and Sam Reed and has over 200 employees. The new holding company’s advertising biography says that the 100x Group „explores, incubates and pursues opportunities and investments as part of its mission to reshape the modern digital financial system.
100x Group co-founder and CEO Arthur Hayes highlighted the slow and cumbersome nature of the legacy financial system, stating
„We intend to change the status quo and reshape the modern digital financial system to be more inclusive and empowering.“
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Non-executive Chairman of 100x Group
The restructuring has resulted in Dr. David Wong being appointed non-executive chairman of 100x Group, and he will be tasked with developing 100x’s long-term growth strategy.
„BitMEX remains critical to the continued success of our business, and we will continue to invest in the platform to maintain and grow our leadership position,“ said Wong.
The new president added that 100x plans to „have a positive and lasting impact on the development of the digital financial ecosystem of the future,“ hinting at expansion plans beyond the BitMEX operation.
Wong was appointed non-executive chairman of HDR on June 30 and previously held senior positions at Bank of China and ABN AMRO Bank.