BitMEX Will Introduce Its Native Exchange Token

BitMEX Will Introduce Its Native Exchange Token

BitMEX, one of the most popular Bitcoin derivatives platforms, has announced the introduction of its native digital asset, BMEX.

BitMEX will launch BMEX, its cryptocurrency native coin, at the beginning of February next year, 2022. By February 1st, the platform planned to airdrop a major chunk of the tokens into clients’ wallets.

The trading platform used Twitter to announce its latest endeavor, signaling that the BMEX token minting had begun.

Existing and new BitMEX users will be able to acquire the tokens through an airdrop, but all registrations must be completely vetted to comply with BitMEX’s new policy.

BMEX will have a maximum supply of 450 million coins, according to the business. Vesting will last for up to 5 years.

BitMEX personnel will receive 20% of the token supply, followed by 25% for the company’s “long-term commitment to the token and ecosystem,” and the “vast majority” will be “invested to reward users.”

The value of each BMEX token will be set by the market following the debut of the company’s spot branch in early Q2, hence there is no listing price. It’s important to note that users won’t be able to withdraw their tokens until spot trading begins.

BMEX is a “reward and engagement” token for BitMEX’s ecosystem, which should “improve” users’ entire trading experience, according to BitMEX. Discounts on trading fees increased yield on Earn items, and other perks are planned.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.