Popular cryptocurrency derivatives trading platform, BitMEX, has just airdropped 1.5 million BMEX – its new native token – to both old and new users following the release of the BMEX Token Litepaper.
In a press release shared with CryptoPotato, BitMEX noted that the tokens were gifted to users based on their previous activities on the exchange.
Recall that BitMEX announced earlier in December that it will be launching its native cryptocurrency, with a promise to airdrop a significant portion of the tokens to verified BitMEX users.
BMEX is built on the Ethereum blockchain, with a maximum supply of 450 million tokens and a vesting period of up to five years. The tokens will be used to reward both old and new exchange users, allowing them to get discounts of up to 15% on trading fees.
Additionally, token holders will receive several exclusive privileges. These include VIP tickets to sports events, VIP services for users who hold more than 500,000 BMEX tokens, exclusive product access, and preferential terms for upcoming services.
BMEX holders can also get free access to BitMEX Academy courses and private community channels, an increased rate of return on BitMEX EARN deposits, and fee discounts on the BitMEX Spot exchange, expected to launch in Q2 2022.
Holders can stake their BMEX tokens starting Feb.1, while spot trading of the tokens will start in early Q2 following the launch of the BitMEX spot exchange.
In the BMEX Litepaper, the exchange revealed that it intends to burn BMEX every quarter to increase its utility for investors, as the token will allow the company to expand its services and attract new users.
Speaking on the latest development, BitMEX’s CEO, Alexander Höptner, said,
“Although this is a huge milestone for BitMEX users, it’s important to consider that we’re just at the beginning of our journey. Crypto is at the core of a massive shift from analog to digital, and we’re positioning BitMEX to be a cornerstone of this new paradigm. BMEX is the token for true believers in this new era and will be the fuel we use to expand the BitMEX ecosystem.”