One of the most popular cryptocurrency derivatives platforms - BitMEX - has decided to launch its own native digital asset.
BitMEX will release its own cryptocurrency native coin called BMEX at the start of February next year. The platform promised to airdrop a large portion of the tokens into customers’ wallets by February 1st.
The trading venue took it to Twitter to announce its latest initiative, indicating that the minting of the BMEX token has begun.
Existing and new users will be able to receive the tokens as an airdrop, but all registrations have to be fully verified, in accordance with BitMEX’s new policy.
The company explained that BMEX will have a maximum supply of 450 million coins. The vesting period will be up to five years.
20% of the token supply will go for BitMEX employees, another 25% for the firm’s “long-term commitment to the token and ecosystem,” and the “large majority” will be “spent to reward users.”
There’s no listing price of the value of each BMEX token as they will be determined by the market upon the launch of the company’s spot branch in early Q2. It’s worth noting that users will not be able to withdraw the tokens until the start of spot trading.
BitMEX described BMEX as a “reward and engagement” token for the exchange’s ecosystem, which should “enhance” users’ overall trading experience. Some of the benefits planned include trading fee discounts, enhanced yield on Earn products, and others.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn