Crypto derivatives trading platform BitMEX has released a new token titled BMEX. To celebrate the launch, 1.5 million of these tokens will be distributed via an airdrop. The new tokens will be distributed to old and new users of the platform.
BitMEX revealed the launch of the token in December, but only now that it came to market. A total of 450 million BMEX will be issued, with 20% of them distributed among BitMEX employees.
Another 25% will go to a long-term development fund, while the majority will serve as a reward for BitMEX users. The grace period will be up to five years, in which no sales will be made to the market.
BMEX – from discounts to rewards
According to a statement, BitMEX reported that the tokens were distributed to users as per their past activities on the exchange. That is, whoever performed more operations received a greater amount of BMEX.
The token was built on the ETH blockchain, with a maximum supply of 450 million BMEX. The tokens will be used to reward old and new Exchange users, allowing them to get discounts of up to 15% on trading fees.
In addition, token holders will be granted a number of unique privileges. These include VIP tickets to sporting events, VIP services for users who have more than 500,000 BMEX, exclusive access to products and preferential terms for upcoming services.
Along with VIP benefits, BMEX holders can also get free access to BitMEX Academy courses. Those who use the BitMEX EARN service will have a higher remuneration on the cryptocurrencies left there.
Another advantage is that BitMEX intends to expand its operations to the spot market. In this sense, the BMEX will also provide discounts on the BitMEX Spot Exchange. This release is expected in the second half of 2022.
Like other exchanges that launch their tokens, BitMEX will also feature a BMEX staking service. Anyone who wants to earn income from the token can do so starting this Tuesday (1). On the other hand, market trading will only take place on the BitMEX Spot Exchange.
The total supply will be 450 million BMEX, but BitMEX has stated that it will hold token burns every quarter. As with Binance Coin (BNB), the purpose of operations is to increase the usefulness of the tokens as well as their value.
“While this is a huge milestone for bitmex users, it is important to consider that we are only at the beginning of our journey. Cryptocurrencies are at the core of a massive shift from analog to digital, and we are positioning BitMEX to be a cornerstone of this new paradigm,” said Alexander Höptner, CEO of BitMEX.