In a move to enhance collaboration and community engagement, BitMEX, the Seychelles-based cryptocurrency exchange, has unveiled a new social trading feature called Guilds. The introduction of Guilds comes as a breath of fresh air for BitMEX, which had faced significant setbacks during the crypto winter, including employee dismissals and a change in leadership.

Guilds is a social trading option available to all BitMEX users, enabling them to exchange ideas, discuss trading strategies, and share valuable insights. Each Guild will be led by a designated leader responsible for customizing and defining its identity. Once established, other users can join the Guild and participate in private chat rooms integrated into the trading user interface.

Empowering Traders

To become a Guild leader, any verified BitMEX user with a minimum of 10,000 BMEX staked can take on the role. Each Guild can accommodate up to 49 members, fostering a close-knit community of professional traders. Stephan Lutz, the CEO and Group CFO of BitMEX, highlighted the aim of Guilds to drive collaboration and support within the platform’s community. Lutz expressed confidence in BitMEX’s commitment to helping traders thrive and meeting the high expectations set by leading companies in the crypto industry.

Lutz acknowledged the evolving landscape of the cryptocurrency industry, particularly as more Wall Street players enter the space and institutions make ETF applications more accessible. He emphasized the need for BitMEX to meet the unique requirements of professional traders and adapt to the changing dynamics of the market. By introducing Guilds, BitMEX aims to provide a comprehensive ecosystem that empowers and supports traders.

Early Success and Future Prospects

Since its introduction at the end of June, Guilds has garnered significant interest, attracting over 230 beta testers. Traders using the feature have already earned approximately $330,000 in profit and loss (PnL) in the past week, highlighting the potential value and appeal of social trading within the BitMEX community.

BitMEX faced challenges during the bear market of 2022, including the resignation of its former CEO, Alexander Höptner. Despite the macroeconomic conditions and the need to downsize staff, BitMEX remained resilient, and the introduction of Guilds is a testament to its commitment to innovation and adaptability in the crypto sector.

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Filed under: Bitcoin - @ July 20, 2023 7:22 pm