BitMEX Announces Trading Of BMEX Starting Friday
- Derivatives cypto exchange BitMEX announced that its native token, BMEX, will start trading this Friday and at approximately 8am SGT, BMEX/USDT will go live exclusive on the exchange.
- BMEX token has been dubbed as the “Token for True Believers” and these Believers will receive many benefits from holding and staking the BMEX token on the platform.
- BitMEX users can avail multiple benefits like staking rewards, withdrawal fee waivers, and exclusive VIP privileges on the BitMEX platform and beyond.
The BitMEX crypto exchange has announced that its native token, BMEX, will start trading this Friday, and after months of back and forth, investors will finally get a chance to put their money on the token. According to the official statement, the BMEX token, which will be debuted on Nov. 11, will be officially ready for trading only on the BitMEX platform, i.e., the token won’t be listed on any other exchange.
As the crypto market saw billions decline amidst the FTX fallout, popular crypto derivatives exchange BitMEX thought that this was the right time to bring its very own token to the world. “At approximately 8am SGT, BMEX/USDT will become the latest trading pair on our spot exchange, followed by two perpetual swaps – BMEXUSDT and BMEXUSD,” confirmed the announcement while also adding that the perpetual swaps will be available only a few hours after the spot trading pair.
“Following the playbook shared in our litepaper, we’ve been rewarding our community of new and existing traders with generous airdrops of BMEX throughout 2022, in return for doing what they do best – trading,” said a BitMEX blog.
BMEX token has been dubbed as the “Token for True Believers” and the believers are “the traders, the HODLers, the whales and all of those in the community, who recognise that we live in a time where the future of money, transactions, art, security, investing, and more is being created,” said the blog post.
BitMEX stated that it has created the new BMEX token to ensure that the experience of the investors using their exchange improves and also to provide additional benefits via holding and staking the tokens. These two activities will unlock additional benefits to the users of the platform along with trading fee discounts. Users can also get “staking rewards, withdrawal fee waivers, and exclusive VIP privileges on the BitMEX platform and beyond.”
BMEX tokens have been airdropped to some of the users of the platform for promotional needs. Additionally, the derivatives exchange has been making significant strides recently after gaining approval from the Financial Services Standards Association (VQF) which is recognized by the FINMA.
However, things have turned sour for the exchange following the resignation of the Alexander Höptner, the former CEO of BitMEX. The exchange also decided to trim its workforce by 30% in an attempt to move away from its “beyond derivatives” strategy, which includes more focus on spot trading, brokerage and custody services.