We were joined with Dr. George Cao, co-founder & CEO of BitMax.io .
About Dr. George Cao and Bitmax :
I graduated with Bachelor of Computer Science in the University of Science and Technology of China as well as earned his PhD degree in Computer Science from the University of Chicago
Before founding my own business, I worked at the Equity Division of Barclays Capital based in both its New York and London offices, managing quantitative systematic trading in the U.S., European and Asian markets.
Prior to joining Barclays, I researched and traded U.S. equity as a Portfolio Manager at Knight Capital Group.
I gained professional experience in structured financial products while working for Cohen & Co supporting the issuance of $40 billion in structured products.
In 2013 after I left Barclays I started Delpha Capital Management, A find that specializes in trading equity, ETFs and commodity future products in all major trading platforms across the globe
We launched bitmax in August 2018 with a mission to ‘support financial market innovation and advancement of the crypto economy through building upon a series of open and fair market rules to the liquidity of the overall market, enhance market depth, and support blockchain structural optimization.’
In 2019, BitMax attributed its market share growth to its product innovation, viz. the launch of its cross-asset collateral margin trading in February 2019, and the introduction of Volatility Cards in June 2019.
In March and April of 2020, BitMax launched BTC/USDT perpetual futures contract and its innovative staking service.
Now BitMax has more tha 190 trading pairs, 40+ margin trading pairs, and the daily volume has exceeded 150mm.
Twitter Questions :
Q. What advantages does BitMax have in terms of liquidity and transaction fees?
How is the listing process in BitMax Exchange and how do you choose projects to be listed?
We have the deepest liquidity in our cash and margin products especially in major coins.
Combined with our lowest commissions among our competitors, we have because one of the favorite exchanges for both institutions and retail users.
For example, our spread and depth for ht is as good as huobi, if not better.Same thing for bnb compare with binance.While our commissions is much lower.That give lots of competitive edge vs other exchanges.
As a result our volume market share increased 46% 2020 feb vs 2019 oct. And another 50% increase 2020 March vs 2020 feb.
Which means our market share more than doubled in half year. Listing process is fairly simple. We will have an initial dd for projects who wish to list with us
We score many different dimensions of the project and vote for proceed or not.If it’s a yes we will further engage the project.
Once a listing agreement is reached we customize a listing package for the project based on the nature of the token and communities. Fairly straightforward process
Q. Many exchanges have donated to COVID-19. I haven’t heard such news from Bitmax. What’s your contribution towards fighting the disease??
We started help people as early as in January.I personally bought masks, medical gears, medicines from both us in Jan and korea.Also our employees help a lot.
Q. What’s Bitmax to list leveraged tokens, known as BEAR and BULL, that will enable traders to short shitcoins during dump?
Sure a good question.Leveraged tokens are not new to the world. We have leveraged etfs since long time ago.It’s a great tool to do short term speculation.There are pros and cons associated with the token.The good thing is you don’t need to worry about margin call.
The bad thing is you don’t know exactly what you get. Coz 3x or 10x is a rough estimate.
You don’t know if the underlying asset moves 1% what is your exact pnl coz there are lots of factors.
It is another tool for people to trade. Like all other tools, it won’t guarantee that you make money. But it’s nice to have another weapon in your bag. When use wisely, it creates lots more flexibilities and possibilities to trade.
Questions from AMA host :
Q. What is special about BitMax contract product? I can tell BitMax margin and staking are very innovative, but contract seems not that competitive
Contact has been created in the financial market for a very long time, even before we have a real exchange. It’s a mature product that innovation is pretty hard.
That being said, we do have some unique features that other exchanges do not have
1) once one’s account was force liquidated or one choose to send a big market order, often times it result in a abnormal price move. People refer is as “needles” in the chart
We took an approach that if our order book is not deep enough to take the position, all or part of the position will be taken by our blp. (A specula mm)
Therefore it won’t affect the price in the secondary market.
I won’t say it 100% prevent the problem, coz blp has its position capacity. But it does greatly reduce the risk
2) we settle realized pnl every once a while. For instance if your position are in deep profit, it doesn’t make sense that you can’t use the profit as collateral to enter more position. We solve the problem by realize your pnl very minute (or sub minute ) .
Community Questions :
Q. What are the requirements for users to get a staking rewards?
For example, do I need to worry about the minimum staking amount and the length of time?
Do I need other technical setup to get started?
You don’t need to worry about any tech issues. We handle it for you. There are minimum requirements for staking, it’s normally specified by projects. But I believe we list them on our website too.
We will soon have a promotional event for staking. I personally think it’s very lucrative. Stay tuned 🙂
Q. Have you meet all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
We do. We are ahead of our roadmap we planned 2 years ago. And we do have many big plans going forward.
Q. Could you share with us the special feature of bitmax platform that other platform don’t have?
We are proud of our deep understanding of the financial market. Which makes us the no 1 team.
In product innovation. Our margin trading, our volatility cards, our staking.and some Aspects of our contract are unique that no one else in this space offers.
Q. What is the main role $BTMX play in #BITMAX ecosystem? What are the benefits for long-term holders?
We share 80% of cash and margin commissions to btmx holders. In 2019 we shared 15m usdt to our token holders. This year we will add 20% of futures contract revenue to back back.
Q. For any Cryptocurrency exchange, Liquidity is very important. So, whats your solution on this problems ?
Institutions and retails are two sides of the liquidity .
We need institions to provide liquidity but without retail institutions won’t join. We are well positioned to serve both by providing a reliable and affordable solution .
E.g we never had a system down in the past 8 months while binance had almost every other week .
That brought us many flows from institutions and further improved our liquidity .
Q. What features would traders find ONLY in bitmax that would help them improve their experience?
Has the daily volume of users in bitmax changed since the COVID19 pandemic started? Has it affected the platform in any way?
What is the meaning of your logo?
Our cross asset model and many innovative products are the key for traders to trade with us. Volume had been picking up since virus. But I think it is more because of the volatility of the market. Our logo is sail of a boat.
Q. One of the product of Bitmax is BitTreasure !! So, What is meant by BitTreasure of Bitmax Exchange? & Is returns of BitTreasure you mentioned on website are stable or may more or less according to coin’s price? How BitTreasure system works?
Can we invest and subscribe BitMax BitTreasure plans with any other cryptocurrency or tokens or We can only invest BTMX tokens?
Bittreasure is in a way similar to staking. You store token with us and earn interest. We will soon have a promotional event for bittreasure together with staking. 🙂
Q. Did bitmax provide liquidity by it’s own marketbook and market order or there is any mark price from other exchange?
Also Could you share about how your security system provide good service protect user asset and data?
There are many market markers providing liquidity with us using different strategies. We use 5 major exchanges price as our index price to calculate reference price for margin.
Q. How will you plan to dominate market? Why is BitMax better than other exchanges?
I don’t think anyone can dominate the market.nyse can’t nasdaq can’t binance can’t either. Also it’s not healthy for one player to dominate. We want to be a major player of the market by providing reliable affordable trading solutions. Innovation is also our biggest strength .
Q. Considering you exponencial grow i think that is need more advances types of orders, so Bitmax have plans to take part on it?The perspective of Bitmax is good to the Margin trading, but i Guess than you need a little push up in terms of Leverage, so how bitmax can boost up the Leverage space to become a space to all kind of traders?
Yes we are adding more order types. 2) we don’t have a plan to offer more than 10x for margin for the risk purpose. But we do offer 100x leverage in futures contract .
Q. You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, …
So now I want to ask what do you want to receive from the community?
Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
1) I want to receive feedbacks from community. How can we better serve you.
2) we are the only exchange that shares 80% of spot trading commissions with our token holders. And 20% from futures. I always say bitmax is people’s exchange. It’s every token holders.
Q. How did $BitMax survive in during long bear market? what your team strategy to gain more Adoption ?
Can you share us on recent achievement your team are most of?
Yes it’s a very good question. Diversification is a key to survive. In bull market people want high return where in bear market people are more conservative. That’s why we focus on staking and lending product (in the future ) we want to give our users more tool to preserve their capital in the bear market .
Q. As a TOP EXCHANGE, do you believe in a HEALTHY competition?
As new Market Players are Launching,and Making thier own Mark,
IS THIS GOOD for BITMAX in terms as of MORE OPTIONS for investors?
I do believe in healthy competition. I welcome mtoe player in the space and looking forward to work with other exchanges. Bithumb and bitmax partnership is a very good example.
Q. OTC is a potential market, BitMax plans to implement this market?
We have otc for USD and other fiat. We are working to add more fiat gateway in the near future .
Q. I’ve been using Bitmax for some time, and was always impressed how Bitmax is open to the inclusion of cryptos, but particularly, why do you include BEP2 tokens, which are part of your own competitor (Binance).Do you think the coming Halving is an opportunity for Bitmax and why?
Our mission is to serve traders. If there is a need we will serve. There are a number of traders want bep tokens. That’s also the reason why we list bnb ht and other exchange token. When you block your competitors you are blocking yourself as well.
I always believe in more collaboration between exchanges. Collaboration and competition can co-exist in a healthy way.
I do hope other exchanges are open minded too .
Q. As I see in other platforms, when deploying perpetual swap & futures they will deploy each discrete trading pair in stages along with events for users for a long time for users to adapt, What about BitMax, what are your plans?
Decentralized finance has become popular now. Do you plan to launch BitMax own DEFI platform and stablecoin?
We will work with Defi but we have no plan to launch our own. We can’t do everything in the eco system. We build a best exchange (hopefully) and work with other best players in the market .
Q. Do you have any policies to support users’ capital as well as attract new users and what are those policies?
Bitmax is pretty much like all other major exchanges. We do our best to protect users fund. In any unfortunate event we also do our best to cover users loss .
Q. After holding this AMA event, what should be our role as a community?
About your staking tools, what interesting features do you have to tell us, is it simpler, is it better than the rest of blockchains?
Community support is a key for us. We value your feedbacks, your thoughts even your criticism. Please engage us more actively and let’s build a best exchange together .
Q. As we see Cryptocurrencies are highly volatile in market price,
so How can you determined the conversion exchange rate in real time?
Can you Please clarify this??
Not sure if I understand your question correctly.
Are you referring to fiat to crypto rate ? We don’t determine that. But our partnered service provider does. I believe they have their own pricing mechanism .
Q. What is your perspective of the cryptomarket from back to front? Has there been maturity? HitBTC pays MAKERS, what does BITMAX do to incentivize MAKERS to be present by providing liquidity?
It’s much more mature compare with 2 years ago. We see lots of improvements in technology in security as well as regulatory side.
I believe the crypto ecosystem will become part of the existing financial system (some may argue it is already ) .
Q. The number of cryptocurrency exchanges is increasing day by day, what is the reason Bitmax can exist and compete with other cryptocurrency exchanges? Is it because there is BitMan behind Bitmax?
We are well positioned. Some key factors why people like us
1) we are 80% of commissions
2) we build robust system that is relia even in extreme market conditions
3) we understand financial products and never stopped innovation .
Q. What are the best services provided by BitMax for traders and investors in digital asset trading and what are your goals for the next 2 years?
Currently, safety and security issues are the most concerned issue. What technology does BitMax use to ensure asset safety for users?
Our plan for this year is to complete our product line. Still a lot to do with future contract
1) sub account system
2) copy trade feature
3) settled contracts.
Also we will work on staking 2.0 as well as lending products , which is very popular in bear market. We have a loooing todo list lol .
Twitter Id of Winners from Twitter :
User id of winners from Live AMA :
All above winners are requested to dm @proplene with your ERC20 wallet address .