Bitmex CEO, Arthur Hayes, revealed that his platform wants to launch Bitcoin-backed short term bonds. He also wants to allow buying S&P 500 and Nasdaq QQQ indices with BTC, particularly by people in emerging markets.
‘You’ll Be Able to Use Bitcoin and Purchase the S&P 500’
Speaking in an interview with Luke Martin on his Venture Coinist podcast, BitMEX CEO Arthur Hayes revealed that he’s looking to launch bitcoin backed short term bonds and other BTC-backed financial products. Hayes said:
I want to create a future where the highest quality exchanges and miners… issue short-term Bitcoin bonds to the ecosystem.
“So, let’s say you want to buy some 30-day paper. Why can’t you buy a BitMEX 30-day zero-coupon bond that yields some rate of interest that reflects the market’s determination of our credit risk?” he added.
The Bitmex CEO explained that in the next few months, his team will be working out the specificiations for this new type of bond.
What’s more, Hayes says that Bitmex has funded a new startup that will allow people to invest in S&P 500 and popular Nasdaq stocks using bitcoin without ‘Bitcoin-USD risk.”
…Hopefully, by summer of this year, you’ll be able to use Bitcoin and purchase the S&P 500 and Nasdaq QQQ indices… and essentially, you won’t have Bitcoin-USD risk. You’ll send bitcoin. They’ll FX it into dollars, and allow you to buy a swap. And when you want to leave, you’ll sell the swap, get back dollars, and then you can get back your bitcoin.
According to Hayes, this bitcoin-backed product would open up “the most liquid and notable indices in the world” to emerging markets, in particular.
“So, this is hopefully going to allow people in emerging markets…to use their Bitcoin to access traditional equity indices,” he explained.