BMEX token is set to start trading this week after the cryptocurrency exchange announced its development last year.
Crypto exchange Bitmex has announced that its native BMEX token will start trading on November 11. This latest cryptocurrency news comes roughly a year after BitMEX revealed that it would launch its own exchange coin.
BitMEX said earlier today that its token would be used to reward customers. This is similar to the features of other exchange tokens, including BNB, KCS, and FTT.
The crypto exchange said the rewards would be offered to traders in the form of trading fee discounts, withdrawal fee waivers, higher staking rewards and access to new products and services.
BitMEX is rolling out this latest feature in a bid to regain market share in the derivatives space. BitMEX was previously leading the crypto derivatives space but has lost its place in recent years to the likes of Binance, MEXC, and FTX.
Data collected from Coinmarket shows that BitMEX is the fourth-largest derivative exchange behind the three mentioned above.
The crypto exchange first announced the BMEX token in December 2021. The company went on to start airdropping the tokens to users in February this year.
According to BitMEX, it had airdropped millions of BMEX tokens to more than 80,000 traders since the start of the year.
In June, BitMEX delayed the listing of the BMEX token, citing the bearish market conditions. At the time, the crypto exchange said;
“Although we are ready to list BMEX, the present market conditions are not ideal, and we want to list the token in an environment that gives it the best chance to reward you, its holders.”
Last month, Alexander Hoeptner, the former CEO of BitMEX, revealed that the BMEX token would launch this year. At the time, he said;
“If you launch a token in a market which clearly is not at all at the bottom, then your token will be drained down with the general environment.”
BitMEX has always maintained that it would like to contribute to growth in liquidity and revitalise the cryptocurrency markets.
The crypto exchange will list the BMEX/USDT pair on its recently launched spot exchange by the end of the week. It will also launch two new perpetual swaps, BMEXUSDT and BMEXUSD, on its crypto derivative platform.