According to Bitmex, the token will be utilized to reward clients as the firm strives to rejuvenate its market share in the derivatives area.
Bitmex, a leading cryptocurrency derivatives exchange, is launching its first BMEX Token specifically for trading, introducing an altogether one-of-a-kind opportunity to compete in an IEO from an original crypto exchange.
Initially, BMEX/USDT will develop the most recent trading pair on the spot exchange, with the two enduring swaps, BMEXUSDT and BMEXUSD for a small while.
According to Bitmex, the token will be utilized to reward clients as the firm strives to rejuvenate its market share in the derivatives area. Rewards will also be given in the form of trading fee discounts, withdrawal fee waivers, enhanced staking rewards, and the availability of novel products and services.
The exchange initially introduced the BMEX token in December of last year and began airdropping it to the users in February. Bitmex has affirmed that the company airdropped millions of BMEX to more than eighty-thousand traders since February 2022. In June recently, the firm also postponed the listing of its token, explaining that the market scenario was rather harsh for the launch. However, it seems like the company has found the right time to launch its token for the customers finally. According to Bitmex’s chief marketing officer Benjamin Usinger, the firm is planning to evolve and develop its liquidity while restoring the crypto marketplace situation.
On the company’s website, along with the new launch, is an option to register quickly and commence trading games with its new BMEX token. The firm also calls its BMEX a ‘token for true believers, as the community of BMEX holders is the one to believe in the future of finances being created here.
BMEX is all set to accentuate the trading experience by holding and staking tokens while discovering trading fee discounts, staking rewards, withdrawal fee waivers, and exclusive VIP liberties on the BitMEX platform.
When at its peak, Bitmex enjoyed more than thirty-five percent of the open interest across bitcoin futures. Presently, it only supports approximately two percent of the market share, with few other competitors entering the market. It is yet to be seen if the token listing will propel Bitmex’s return to the previous acclaim.
Bitmex, in October, lost its Chief Executive Officer Alexander Höptner when he resigned from the post before completing two years with the company. Stephan Lutz was appointed the new Interim CEO of BitMEX.
Bitmex was established in 2014 as one of the first exchanges to provide crypto derivatives options. Ever since, it has witnessed several legal battles. The company also recently made it to the news for laying off some of its staff to capitalize on its crypto derivatives market.
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Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
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