BitMEX Postpones Listing of Its Own Token

BitMEX Postpones Listing of Its Own Token

BitMEX postponed listing of native token< /p>

BitMEX cryptocurrency exchange has rescheduled the listing of its native BMEX token, citing “non-ideal market conditions.”

The platform explained the decision as a desire to better reward its users.

“We are future-oriented, BMEX listing remains a key priority,” said.

In December 2021, BitMEX announced the release of its own token. On January 31, 2022, platform users received 1.5 million BMEX in an airdrop.

What is a cryptocurrency airdrop?

In total, BitMEX will distribute 450 million BMEX over five years. It is assumed that most of the tokens will be spent on rewarding users and developing the ecosystem. To do this, the exchange will reserve 45% of the issue.

Asset holders will receive a number of benefits, including:

  • discounts on trading commissions;
  • compensation payments when withdrawing funds ;
  • higher returns on deposits on BitMEX Earn;
  • early access to new products on preferential terms;
  • free access to BitMEX Academy training courses.

The exchange intends to buy back and burn part of the tokens on a quarterly basis.

Recall that the listing was supposed to be carried out after the launch of the platform for spot cryptocurrency trading.

In the spring of 2021, the current head of BitMEX Alexander Heptner presented an updated platform development strategy, according to which it expects to become the world's leading cryptocurrency exchange. In particular, spot trading and custodial storage services for cryptoassets should appear on the platform.

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