BitMEX Crypto Trading Platform Announces Native Exchange Token BMEX

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BitMEX, one of the first cryptocurrency exchanges to start offering derivative products like futures contracts, has announced the introduction of a native token called BMEX. Token holders can enjoy a variety of benefits including trading discounts, better prices for the exchange’s earn product, access to BitMEX’s trading academy, and more. The Seychelles-based crypto exchange plans to publish the BMEX white paper by the end of January 2022 and airdrop the tokens to eligible users on February 1, 2022.

BitMEX states on its website that the BMEX token will have a maximum stash of 450 million that will be carried over over five years. Of this, 20 percent are already earmarked for BitMEX employees. The exchange will use “another 25 percent for” [its] long-term commitment to the token and the ecosystem. “

The first 50,000 new users who sign up and complete BitMEX’s KYC protocol before January 31, 2022 will receive 5 BMEX tokens and 10 Tether tokens. Users can earn an additional 15 BMEX tokens by getting three other people to do the same before the January deadline. Existing users can earn up to 25 percent of their trading fees in BMEX by simply trading on the exchange.

There is no list price for the value of each BMEX token as it is determined by the market when the company’s Spot branch was launched early in the second quarter. It is worth noting that users will not be able to withdraw the tokens until the spot trading starts.

Founded in 2014 by Arthur Hayes, Samuel Reed and Ben Delo, BitMEX was one of the first cryptocurrency exchanges on the market to start offering derivative products or agreements that allow their owners to deliver an asset on a specific date and at a specific price buy or sell.

As such contracts grew in popularity over the years, the founders of BitMEX became billionaires in the burgeoning crypto world.

Although the exchange finally rolled out stricter compliance measures in October 2020, BitMEX settled the issue in August 2021 with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) for $ 100 million (approximately $ 752.22 billion) . Rupees) for failing to gather identifying information about its customers.

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Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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