BitMEX to Launch BMEX Token Trading on Friday

Crypto exchange Bitmex has announced it will launch the trade of its BMEX token on 11 November. 

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As the company aims to regain market share in the derivatives space, Bitmex stated that the token would be used to reward users of its platform. The rewards will be allocated via trading fee discounts, withdrawal fee waivers, improved staking rewards, and access to new products and services on the Bitmex platform.

The token’s launch was initially announced in December of last year, and users started being airdropped with the BMEX tokens in February. According to the exchange, millions of tokens have been airdropped to over 80,000 traders since February. 

Just like other exchange tokens, such as BNB of the Binance exchange and FTT of the FTX exchange, the BMEX token is the digital currency issued by the Bitmex exchange. 

Though the BMEX tokens were expected to have launched earlier in June, the exchange chose to delay the launch citing unsatisfactory market conditions. However, Bitmex’s chief marketing officer Benjamin Usinger, later revealed that now is the right time to launch the token, and the exchange would like to contribute to growth in liquidity and revitalize the crypto markets. 

Bitmex will begin trading the BMEX token on Friday by first listing the BMEX/USDT pair on its recently launched spot exchange and then launching two new perpetual swaps — BMEXUSDT and BMEXUSD — on its derivatives platform.

While the exchange is preparing for the launch of its token, the company doesn’t still seem to be comfortable with the state of the market. Earlier this month, Bitmex decided to reduce its number of employees as part of a strategy to move away from the company’s “beyond derivatives” model.

“We are pivoting from our Beyond Derivatives strategy and will return much of our focus aiming at providing the crypto derivatives trading experience people will turn to,” stated Bitmex. The company added, “We are going to refocus on liquidity, latencies, and a vibrant derivatives community, including BMEX Token trading.”

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BitMEX to Launch Platform Token BMEX by the End of 2022: CEO

The CEO of BitMEX said it would launch its exchange token BMEX by the end of this year.

BitMEX CEO Alexander Hoeptner announced the news in an interview at the Token2049 conference in Singapore.

BMEX, P2P crypto-products trading platform, was initially planned to be launched earlier. Still, BitMEX decided to postpone the launch of BMEX, considering the unsatisfactory market conditions at that time and hoped to allow BMEX to be launched in an environment where holders could get the best chance of return.

“Although we are ready to list BMEX, the present market conditions are not ideal, and we want to list the token in an environment that gives it the best chance to reward you, its holders,” the company said in a July announcement.

Alexander Höptner explained that the team would discuss whether there would be another “huge drop” in the future before evaluating the specific BMEX token listing time.

Just like other exchange tokens, such as BNB  of the Binance exchange and FTT of the FTX exchange, the platform currency is the digital currency issued by the platform itself.

Platform currency has more diversified value support than traditional assets such as Bitcoin. There are many application scenarios based on the exchange’s equity, such as its transaction and circulation value.

Therefore BMEX coin holders will be entitled to discounts on BitMEX transaction fees and other benefits.

In May, the U.S. Commodity Futures Trading Commission (CFTC) fined three BitMEX co-founders $10 million each for violating anti-money laundering (AML) requirements and received suspended sentences. The three companies failed to implement KYC processes for their U.S. customers, allowing their exchange to be an effective money laundering platform, processing up to $209 million in suspicious transactions, prosecutors said. Last August, BitMEX agreed to pay $100 million to settle years of civil charges it allowed illegal transactions and violated anti-money laundering rules.

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Crypto Exchange BitMEX Announces Airdrop of New Native Token to Millions of Users

Crypto exchange BitMEX is gearing up to launch and then airdrop its brand new utility token to its millions of users.

In a new announcement via Twitter, the exchange tells its 116,000 followers that its launching BMEX, its new token for “true believers.”

The airdrop, set to commence on February 1 of 2022, will see both new and existing users receive BMEX.

According to a blog post from BitMEX CEO Alexander Höptner, users can participate in the airdrop either through trading incentives on the exchange, signing up with a new account (for the first 50,000 users), or referring three friends.

After being airdropped, BMEX will be tradable once the new BitMEX Spot Exchange goes live sometime in early Q2, 2022.

BitMEX says that there will be a hard cap supply of 450,000,000 BMEX, which will be distributed over the course of five years.

“The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem.”

The exchange also says that a whitepaper for BMEX is slated for release by the end of January of 2022.

Crypto exchange tokens have been among some of the top performers on the market over the last year.

Binance Coin (BNB), the utility token that powers Binance, the largest crypto exchange in the world, is up 1,450% over the last year, while Crypto.com’s CRO token was at one point last month up 1,740% from where it opened the year. By comparison, Bitcoin (BTC) is up just over 100% in the same time frame.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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