The launch of BMEX in 2022 will mark the rebirth of BitMEX as an exchange platform, says Alexander Hoptner, CEO of BitMEX. He said the BitMEX user experience will never be the same.
The platform will continuously expand its products and services. Hoptner pointed out that they wanted to do things differently for the launch of their much-awaited token. He said they will be bypassing the practice of having an initial private investor round. The platform wants its active users to be the first to receive the token in a series of free airdrops, which will start on February 1.
The launch is divided into two parts. The first part is the airdropping phase and the second part befalls with the launch of BitMEX Spot in Q2. As such, BMEX will become tradeable on the platform.
Millions of BMEX tokens will be airdropped in the first phase. Users can create a BitMEX account and complete the KYC. The first 50,000 new users will receive five BMEX and 10 USDT. They can trade the token on BitMEX in the second quarter of 2022. The BitMEX Spot Exchange will also go live then. Users can earn up to 25% of their trading fees with the token through the platform.
There will be about 450 million tokens, with the majority to be spent to reward users and for the growth of the platform. 20% will be reserved for the employees of BitMEX employees. The value of the token will be determined by the market forces on the launch of BitMEX Spot.
BitMEX was founded to bring analogue financial services into the digital space. Over the years, it has overcome challenges like regulatory hurdles and competition making a name for itself.