The cryptocurrency and derivatives platform BitMEX today announced the launch of a native token. Called BMEX, holders of the token can enjoy trading rebates, better rates for the exchange’s Earn product, access to BitMEX’s trading academy, and more. Marketing materials for the BMEX token indicate that it will have a maximum supply of 450 million vested over five years. Out of 450 million tokens, 20% is already earmarked for BitMEX employees.
The exchange will begin distributing the tokens in February.
The crypto exchange will use “25% of its tokens for [its] long-term commitment to the token and ecosystem.” BitMEX will begin distributing the tokens on February 1, 2022, via an airdrop to eligible users. The first 50,000 new users who signup before January 31, 2022, and complete BitMEX’s KYC protocol will receive 5 BMEX tokens and 10 Tether (USDT). Users can earn another 15 BMEX tokens for getting three other people to do the same before the January deadline. Existing users can begin earning up to 25% of their trading fees in BMEX by simply trading on the exchange.
The token is expected to begin trading “in early Q2 2022.”
The native token is expected to begin trading “in early Q2 2022.” The token’s litepaper, a formalized document that outlines the purpose of a project in more detail, will be published at the end of January next year. BitMEX was one of the first cryptocurrency exchanges in the market to begin offering derivatives products like futures contracts. These contracts are agreements that let its holders buy or sell an asset at a specific date and a specific price. The crypto exchange has had several run-ins with the regulators. As reported earlier, BitMEX settled with the CFTC and the FinCEN for $100 million for failing to collect identifying information about its customers.