In an effort to compete with other major crypto exchanges, including Binance and Coinbase, BitMEX has reportedly launched its own venture arm focused on startups building within the crypto and blockchain industry.
According to a recent report by The Block, BitMEX’s venture arm is currently being run by led by Kumar Dandapani and has made several investments in startups including Blockfolio, the popular cryptocurrency portfolio monitoring app.
BitMEX’s adding of a venture arm follows the trend of other major exchanges using their transaction profits to invest in promising startup companies. Coinbase, Binance, Huobi and OKEx all have dedicated investment arms and have deployed hundreds of millions across numerous startups to date.
BitMEX recently leased the 45th floor of the Cheung Kong Center, the most expensive building in Hong Kong, and is currently expanding its presence in Silicon Valley.
This news comes the same week that BitMEX launched ForkMonitor.info to provide up-to-date information on the latest Bitcoin forks.
More: BitMEX joins its rivals in launching its own VC arm
Related: BitMEX Launches a New Site for Monitoring Bitcoin and Bitcoin Cash Forks
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.