September 11th, 2019, Dr. George Cao, Co-founder & CEO of BitMax.io, sent out A Public Letter to BitMax.io (BTMX.io) Global Community and marked a significant milestone of the platform’s first year of operation. With its relentless focus, BitMax.io has been making a great stride in platform build-out, customer service improvement, innovative product launch as well as quality listing across a wide spectrum of the blockchain industry. It has clearly established itself as emerging innovator the highly competitive digital asset trading space. Happy one-year anniversary to BitMax.io!
- First Platform to Introduce and Discontinue “Transaction Mining & Reverse-Mining”
BitMax .io is a Singapore-registered global digital asset trading platform, founded by a group of Wall Street quant trading veterans. Over the past months, this platform has been among one of the top exchanges by trading volume according to data reported by Coinmarketcap ranking service.
Initially, BitMax.io stood out as the first of its kind, introducing “Transaction-Mining & Reverse-Mining” combined mechanism to the digital asset trading industry. As part of the initial platform ecosystem buildout, this transaction-based mining module was introduced in November 2018 in order to attract liquidity and accelerate customer acquisition — especially during the rough market condition at the launch. This unique trading mechanism has been instrumental to the design and development of BTMX (the platform native token) economics, which many experienced traders and platform users found brilliant and efficient.
Recently BitMax.io announced to discontinue the very unique Transaction Mining & Reverse Mining program. This is another strong signal that BitMax.io is transitioning into a new phase of business expansion and next-stage strategic plan implementation.
- New Phase of Business Expansion and Product Line-up
In the business expansion perspective, BitMax.io recently announced the launch of incubator fund JV, B-Tech and achieved a strategic partnership with UltrAlpha.io asset service platform. From the product development perspective, BitMax.io introduced innovative margin trading and volatility card earlier this year, which have also been well received by the community.
Then margin trading functions allows the users to leverage their tradable asset for a potential higher return on investment with proper risk management. The number of trading pairs that support margin has increased from initial less than 10 to almost 90, even including BTMX pairs. It also expands the utility functions of BTMX, and attracts the liquidity to the platform. (The margin trading function of BitMax.io is not available for North American markets.)
Similar to the margin trading, the introduction of Volatility Card again built upon the advanced expertise of BitMax.io team in financial product design and showcased the team’s deep understanding of the inner working of the capital market. BitMax.io Volatility Card is the first volatility-linked derivative product for users to forecast and trade-off price fluctuation of underlying major coins during preset time windows in a simple yet effective way. This new type of volatility product successfully helps users to gains exposure to the increasing volatility from both trading and risk management perspectives.
- Other Fundamental Components of BitMax.io Platform
Across the industry, BitMax.io has the lowest transaction fee among trading exchanges and platforms. Currently, it charges 0.04% for both makers and takers in regular trading with a low withdrawal fee structure as well.
As a way of giving back to the community, BitMax set aside 80% of net transaction fee revenues as data usage reward for holding the BTMX token. As at the time of writing, the Annual Percentage Rate (APR) is currently ranging between 40%-50% – this can be seen as an attractive passive benefit to loyal holders of the native token. Usually, users are required to lock up their BTMX token and get rewards.
As part of ongoing enhancement, the platform also has been taking steps to optimize its infrastructure from security monitoring to user experience on website and APP.
Amidst the recent market condition, BitMax.io seems to be staying on an inspiring track and working through the roadmap for its users. BitMax.io is still identified as the fastest-growing Asian platform, and one of the most promising across the globe. It is well proved that the efforts by the pioneering team are pushing upward the standards of professionalism and excellent service among the industry. Looking at the trends, performance, commitment and innovations, I am very much convinced to keep BitMax.io under my watchlist.