Cryptocurrency exchange BitMEX today published its BMEX mini white paper ahead of its official launch tomorrow, Tuesday.
The BMEX digital currency will be distributed starting tomorrow, February 1, with a welcome promotion that offers new and existing customers of the “BitMEX” platform an opportunity to accumulate the currency by subscribing to the “BitMEX EARN” service.
Other ways to get BMEX include trading activity and inviting other users to use the platform.
BitMEX also stated that this offer is a limited opportunity because the first phase of the free distribution will continue from now until the beginning of the second quarter of 2022.
Starting from February 1, users can participate to get BMEX, with instant trading of BMEX coins starting in the early second quarter of 2022 after being listed on the same platform “BitMEX”.
It is worth noting that BitMEX first announced the launch of the BMEX digital currency in December last year.
The platform now joins many other cryptocurrency exchanges offering their own cryptocurrency, including Binance, FTX, Crypto.com, and others.
According to BitMEX, BMEX will be at the core of the “BitMEX” ecosystem and BMEX holders can enjoy a variety of benefits offered.
…our BMEX Token Litepaper is now LIVE.
TL:DR? Here’s your recap.👇 pic.twitter.com/4nYcWMmvrg
— BitMEX (@BitMEX) January 31, 2022
Additional details about the BMEX digital currency:
BMEX is an ERC-20 cryptocurrency based on the Ethereum blockchain.
The maximum coin is 450 million BMEX, unlocking gradually over five years, according to the published paper.
Of this offer, 5% of the coins are reserved and allocated for future distributions, 20% to provide liquidity at the launch of the BMEX spot trading, 20% as incentives for BitMEX employees and performance bonuses, 30% for marketing and affiliate bonuses, and 25% as long-term reserves.
The company said that BitMEX users will not be able to withdraw the coin during the first phase of the launch.
In terms of interest, BMEX holders will be entitled to discounts on spot trading fees and preferential rates on BitMEX derivatives.
In addition, the coin will give access to staking rewards, early access to new products, as well as participation in initial offerings (IEOs).
The BitMEX announcement stated:
We are building a real ecosystem for investing in the crypto market, where trading is one of the many possibilities.
The crypto market is still growing.
Much of the infrastructure that will enable it to be inclusive and democratic and more, has yet to be built.
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