Ben Delo, co-founder of the exchange service Bitmex, has turned into the UK’s youngest person to make his fortune out of cryptocurrency-related earning, and also the youngest billionaire ever in the UK at his 34 years. The graduate from Oxford started his life as an employee for IBM, but the went to find its true vocation: cryptocurrencies.
He started the Bitmex company along with his other colleagues, Arthur Hayes and Samuel Reed back in 2014, believing firmly that cryptocurrencies were the investment instruments for the future. So he worked there programming the software that supports the trading platform. According to the same Delo, there were difficult times and many bumps in the road. He declared that at times he was overworked and ready to quit.
‘I HAVE HAD MY NOSE DOWN IN A START-UP FOR THE PAST FOUR YEARS. I WAS DOING 18-HOUR DAYS AT ONE POINT.’
BitMex was created in 2014 and announced as the “world’s first centrally cleared Bitcoin derivatives exchange.” That is, one of the first exchanges that permitted to bet on instruments based on bitcoin, but that were not bitcoin. This attracted much attention from traditional brokers that saw it as an entry to the world of cryptocurrencies but without having to own them.
Being based in Hong Kong, this derivatives exchange is now the leader of these types of exchanges, trading more than two billion dollars in bitcoin every day, and they take a little fee from every transaction. Still, Delo is not an extravagant person. He lives a simple life and gives to the poor often collaborating with charities and foundations. Delo is a philanthropist in the style of Bill Gates, helping people where he can.
Now even with the notable drop in market prices that happened since last December, he enjoys of good wealth now; because BitMex lest users bet against the price of cryptocurrencies and traders can also profit from the loss. Even with these conditions, BitMex is thriving, and Ben’s fortune too.