The Future of Centralised Exchanges - TOKEN2049 London 2022

how are you doing oh gosh uh I still feel a little bit hangover from what happened yesterday to be honest so I'm very happy to be here because I've been a user of bitmax for a long time right and I've been liquidated more than I can count uh but the companies has been using and we've been clients of yours as well um first of all do you have something to say in this troubled times yeah um so uh yeah maybe just like a very short update on news at bitmax so there is something that I want just for this audience here uh but you keep it for yourself guys okay so it's not to be repeated somewhere else um we're not being bought by balance not yet not yet okay okay no but jokes apart I hope you guys are safe and we feel for the users who have been affected by what happened yesterday so yeah that's my main message I mean now that you've mentioned it like uh what are your views and your thoughts about what happened in the market where do you think it's going yeah I saw this question coming um look if you're here um Balthazar to ask me if Bitcoin is going to zero or one million if you're asking me if uh crypto industry is going to be around in three six 12 months I'm sorry to tell you but I don't have the crystal ball uh the only thing I can tell you guys is uh bitmax actually when you look when it just started in 2014 it started on the ashes of Mount Cox so the security of the assets of the clients has always been at the center and yeah so that's basically the focus of what we're doing protecting the assets of our clients so I mean let's talk about security then like how how secure are the funds and and you know what happened in the past at bitmex for example look we've been around for eight years now we haven't been hacked one single time right and the way we have always been doing it so we learned really from what happened before and uh it's segregated accounts first the funds of the clients the insurance funds which by the way is one of the biggest on the industry at some point it was even higher than binance I need to check if it's still the case and uh so this is all kept on chain the keys are controlled by our soul reserves and the other thing is we're controlling the positions and the margins several times a minute to make sure that they are all leveling up to zero so if there is a flaw if there is a worm we see it right away the trading is automatically stopped immediately yeah and I mean um you know you've said it like you've been around since 2014 no acts and and uh and you have a huge Insurance Fund right what what did you learn from what happened with the FDX situation did that change the strategies is there something new coming well actually it's funny that you're saying that because uh in the last couple of years we've been the whole time pointed by the finger hey uh you're boring you're only doing derivatives why don't you do spot why don't you offer this other product all these coins Etc and suddenly uh we what used to be our disadvantage became now our advantage so um yeah we are just sticking to our roadmap we're sticking to our timeline we are aware that we have to upgrade our platform we need to add other things like marginings um so portfolio margining across asset margining Etc and we're working on that and is we're gonna deliver I mean you've kept to the plan but you've launched uh spot trading and I know that you guys you're very brave they're actually launching their token pretty soon so uh is it for Friday you're still launching the token so what's going on there yep yes sir we're sticking to our program we're launching our BMX token on this Friday despite the whole mess which is happening on the market look this is really our way to tell the markets we are here since eight years and we're gonna be around for a long time so BMX token is not something that we are just putting out there to land to land or to make collateral on or all these Shenanigans it's for the to reward our Traders the True Believers in bitmax to stay around okay and do you have any anything to add like uh any thoughts about the industry I know for example you know you've spoken about the fact that your reserve and the tokens are uh auditable on the blockchain right and we've seen a lot of exchange come to that now I I think Kraken is doing this I think other people are calling for it so maybe you want to add something on this yeah so yeah yeah it was really funny like suddenly everybody is talking about proof of Reserve but what you have to be really aware of if somebody is telling you proof of Reserve you don't stop there you tell them I want to see proof of liability because this is what is important and proof of liability we've been uh showing that since summer 2021 so we were one of the two first big exchanges where I've been publishing that just by ourselves nobody asked us so now everybody is asking for it so stick around and we're gonna be publishing an update in the coming 24 hours because but just yeah and last question um were you exposed in any way to what happened in the market uh maybe lending you know borrowing whatever if you're asking about Alameda or FTX or I'm not asking about anybody right um just you know were you exposed we we are not exposed to neither Alameda nor FTX nor ftt uh we actually have zero exposure to these guys uh we're safe uh we've been playing it really low profile and yeah I mean like we've been transparent all right okay I mean very clear uh good luck with uh the launch of the Big Max token on Friday uh do you have anything do you want to add on on you know the talk but also on the market and everything sure I mean look um again we're sticking to our roadmap um we've been very reactive actually we've been using this whole bear Market to update on our products we've been Innovative for those of you who don't know it actually what makes the pride of the exchanges nowadays which is the Perpetual swap it has been invented by bitmax and and that's already in 2016. so we have this innovation in our DNA we keep on last summer we issued ethics Perpetual swaps so we have been very reactive yesterday when the whole situations broke out with ftt so we launched the Perpetual swap on ftt margins in Bitcoin and in ethereum uh today we are offering our traders to trade for free on our spot exchange because we have one the timing was not ideal in May this year but there is a spot market and uh and yeah stick around next week there are more news uh we're issuing uh an uh interest rate swap on ethereum and more details to come so if I had a main message today is uh stay safe and come to trade on bitmax basically okay uh I think we're good um if anyone has questions or want to discuss we can either do that here or later I think Salama is quite open to discussing later and uh thank you for you for answering our questions yeah thank you guys thank you for your presence