Cryptocurrency exchange BitMEX has joined other major global platforms in owning their own cryptocurrency.
Today, Tuesday, the platform announced the launch of its digital currency “BMEX”.
The BitMEX trading platform will drop the new digital currency for new and old users.
In its statement, the platform noted:
You can earn BMEX coins whether you are an old or new user.
We will distribute BMEX cryptocurrency in the form of airdrops in users’ BitMEX.com wallets by February 1, 2022.
We’re thrilled to announce the minting of our token, BMEX 🔥
The Token for True Believers!
— BitMEX (@BitMEX) December 21, 2021
The first 50,000 new users of the platform will receive 5 BMEX and 10 USDT after completing the Know Your Customer (KYC) process upon registration.
Existing users will continue to earn up to 25 percent of their trading fee on BMEX at a 1:1 ratio, which is set at 50,000 BMEX Tokens.
Cryptocurrency exchange BitMEX will mint 450 million BMEXs in one go, but will unlock them completely over a five-year period.
The exchange will also buy and burn BMEX coins every three months, a strategy that Beans and other trading platforms follow as well.
“BitMEX” is a famous crypto derivatives trading platform, and it is also considered among the controversial platforms, as it has several quarrels and back-and-forths with the authorities of the United States of America.
All of the platform’s founders are still facing criminal charges brought by the US Department of Justice.
BitMEX already has plans to roll out instant cryptocurrency trading services in the second quarter of 2022 and the new cryptocurrency can be considered a preparation for that.
The platform plans to use BMEX coins to reward its user base and grow the BitMEX ecosystem.
And the statement of the “BitMEX” platform also stated the following:
20% of BMEX tokens are allocated to BitMEX employees and another 25% to our long-term commitment to the digital currency and ecosystem.
BitMEX also clarified that BMEX digital currencies will not be offered to American users and cannot be traded within the United States of America.
In conclusion, it can be said that the “BitMEX” step is logical and followed by many platforms in the same direction, and their own digital currencies have been as successful and high as other cryptocurrencies.
But what is taken for “BitMEX” is that it took a long time to do this, while its competitors have made great strides in this regard, such as Binance, to name a few.
Coming soon: Dubai World Trade Center transformed into a regulated area for crypto and blockchain projects
Non-fungible tokens NFT towards breaking the record on Google Trend 2021