BitMEX, one of the first cryptocurrency exchanges to offer derivative products such as futures contracts, has announced the launch of a native token called BMEX. Token holders can take advantage of numerous benefits, including trade discounts, better rates on the exchange’s Earn product, access to BitMEX’s trading academy, and more. The Seychelles-based crypto exchange plans to publish the BMEX whitepaper 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 supply of 450 million over a five-year period. Of that offer, 20 percent is already intended for BitMEX employees. The exchange will use “another 25 percent for” [its] long-term commitment to the token and ecosystem.”
The first 50,000 new users who sign up before January 31, 2022 and complete BitMEX’s KYC protocol will receive 5 BMEX tokens and 10 Tether tokens. Users can earn 15 additional BMEX tokens by having three other people do the same before the January deadline. Existing users can earn up to 25 percent of their trading fees in BMEX simply by trading on the exchange.
There is no quote price on the value of each BMEX token as it will be determined by the market at the launch of the company’s spot arm in early Q2. It is worth noting that users will not be able to withdraw the tokens until the start of spot trading.
Founded in 2014 by Arthur Hayes, Samuel Reed and Ben Delo, BitMEX was one of the first cryptocurrency exchanges on the market to begin offering derivative products or agreements that allow holders to buy or sell an asset on a specific date and price. to sell.
As such contracts gained popularity over the years, the founders of BitMEX became billionaires in the nascent crypto world.
Although the exchange eventually implemented stricter compliance measures in October 2020, BitMEX resolved the issue in August 2021 with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) for $100 million (approximately Rs. 752.22 crore). ) for failure to collect identifying information about its customers.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in the article is not intended as financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by DailyExpertNews. DailyExpertNews is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.