BitMEX said the BMEX token will have a maximum supply of 450 million and will be vested for a period of up to 5 years.
Seychelles-based digital assets derivatives exchange BitMEX has announced the minting of its native digital currency, the BMEX token. Tagged as the “token for true believers” in cryptocurrencies and of its platform, the company has defined guidelines for becoming one of the early users who will gain access to the BMEX tokens.
Both new and existing BitMEX can gain early access to the BMEX tokens with the former acquiring 5 BMEX and 10 USDT as a reward for opening an account and completing the mandatory Know Your Customer (KYC) checks. The reward scheme established for users to gain access to the BMEX tokens also involves earning the new digital assets anytime the platform users complete trading on the BitMEX platform.
Users can also earn the BMEX tokens through referrals and all the accumulated tokens earned by users will be airdropped into their BitMEX spot wallets and can be cashed when trading commences in early Q2 2022. BitMEX said it plans to list the token in its trading platform as well as other targeted spot exchanges.
BitMEX said the BMEX token will have a maximum supply of 450 million and will be vested for a period of up to 5 years. According to the trading platform, the large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. The firm said it has made an allocation of 20% for its employees and another 25% for its long-term commitment to the token and ecosystem.
Owning the BMEX tokens comes with a lot of benefits as it is designed to serve as the reward and engagement token for the BitMEX.com ecosystem. Owning the token will enhance users’ overall trading experience on BitMEX. BMEX holders will also enjoy a range of benefits including trading fee discounts, the enhanced yield on Earn products, priority access to products, participation in swag raffles, and many more.
Is BitMEX Token Late to the Party?
It is not uncommon to find digital currency trading platforms that have their own native tokens. In fact, the Binance exchange has been utilizing the Binance Coin (BNB) for quite a long time and the coin is deeply engrafted into the Binance ecosystem.
Other big exchanges including KuCoin, Huobi Global, and Gate.io amongst others also have their own native tokens namely the KCS, HT, and GT tokens respectively. In a grand way, the valuation of top cryptocurrency exchanges can be judged in part from the performance of their native ecosystem tokens in the parallel market.
While BitMEX appears to be lagging behind in terms of the timing of its proposed token launch, the entire ecosystem is still in its infancy, and the exchange has enough room to grow the BMEX coin and position it for its future ecosystem growth.
The BMEX token comes as one of the primary initiatives by the new Chief Executive Officer Alexander Höptner the successor to Arthur Hayes who stepped down after a crackdown from US regulators – to extend the value addition of the exchange beyond the core derivatives offering it is known for.