According to online news sources, the crypto exchange platform BitMEX has reportedly launched its own native token, which will be called BMEX. Based in Seychelles, BitMEX is the first cryptocurrency platform that started offering crypto derivatives to users. With the launch of this new BMEX token, the users would be able to derive a host of new benefits, which will consist of the following –
· Good rates for the earn product of BitMEX
· Rebates in trading
· Access to the trading academy at BitMEX
As per the online sources, the crypto exchange platform is planning to publish the whitepaper for BMEX by January 2022-end. The distribution of the BMEX tokens will be done via airdrop for the eligible users on February 1, 2022. The platform has stated on its website that the max supply of the token would be 450 million and it will be vested over a period of five years. Around 20% of the 450 million has been earmarked for the employees at BitMEX. Another 25% will be used for the exchange’s long-term plan to invest in BMEX and the ecosystem.
As per the announcement, the company will provide 5 BMEX tokens to those 50,000 users who first sign up on the platform, before January 21, 2022. Besides the 5 BMEX tokens, they will also be provided 10 Tether tokens. To claim these rewards they would also have to complete the KYC protocol at BitMEX. If the users are able to get an additional 3 people to join the platform, they will be able to earn 15 additional tokens. Meanwhile, the existing BitMEX users will be able to earn around 25% of the trading fees they get on the platform in the form of BMEX tokens.