Cryptocurrency trading platform BitMEX, founded by a former trader at Citigroup Inc. Arthur Hayes, rented the most expensive offices in the world, which are on the 45th floor of the business centre, Cheung Kong, said the publication of Hong Kong Economic Times, citing anonymous sources.
The skyscraper has become a haven for Goldman Sachs Group Inc., Barclays Plc., Bank of America Corp., regulator securities, Bloomberg LP, and the Empire of billionaire Li Ka-Shing.
Cryptocurrency companies are trying to get out from the periphery of Finance into the mainstream, despite 65 percent decline in the prices of Bitcoin and other top cryptocurrencies. Moving into expensive offices may be a sign that the trading platform, such as BitMEX, thrive even when the market volatility cause investors pain.
Sam Hayes has not yet responded to email requests to comment on the move.
Back in January, when Bloomberg interviewed Hayes, headquarters BitMEX was located in the warehouse district on the opposite side of Victoria harbour. According to information provided by the nearest real estate Agency, rents in the building amounted to HK $25 ($3.18 USD) per square foot. Square feet in Cheung Kong worth ten times — a record HK$225.
Dismissing from Citigroup in 2014, Hayes found that can earn “easy money” using price differences of Bitcoin in different countries. Today BitMEX offers loan contracts in the cryptocurrency.
According to the Hong Kong Economic Times, the company rented the whole floor of Cheung Kong center, which is about 20,000 square feet, costing $600,000 in a month, although it was originally planned to rent only half of it.
Unlike Bitcoin, property prices in Hong Kong only to increase. According to CBRE Group Inc., in the Central district has the world’s highest costs for office space. London’s West End is in second place.