Popular crypto exchange Bitmex plans on taking its native token live on the 11th November. Users will be able to gain rewards from using the BMEX token.
On Tuesday, Bitmex stated that the token can be used to reward its users. After losing market share over the last few years, Bitmex hopes the token will re-gain traction in the derivatives market. Some of the rewards that Bitmex plans to give users are reduced withdrawal fees, and in some cases zero withdrawal fees. Customers will also be given access to enhanced products and services, trading fee discounts and better staking rewards.
Bitmex to launch BMEX trading on friday 11th November
The first time Bitmex announced the BMEX token was in December last year. Bitmex announced that it would start airdropping millions of BMEX tokens to customers in February 2022. Bitmex claims they have airdropped BMEX tokens to over 80,000 traders. Bitmex decided to delay its token listing due to rough market conditions. However, now is the right time to launch. Benjamin Usinger, Chief marketing officer at Bitmex also stated that the exchange is looking to pump some life into the crypto market.
BMEX will be paired with USDT and will be available to trade on Bitmex’s recently launched spot exchange on Friday. Bitmex plans to make BMEX/USDT and MEXUSD available to trade on its derivatives platform.
Bitmex was a leading crypto exchange until it was forced into a fair few legal battles over the last few years. This reduced its market share from 35% to as little as 2%. This is also due to other large exchanges taking over many formerly held territories Bitmex once held. The likes of Binance, and crypto.com have been expanding rapidly, which has also not helped.
Does Bitmex’s future depend on its BMEX token list? Only time will tell. However, analysts in the crypto space do have high hopes and believe the token launch will help Bitmex return to its larger market share.