Crypto exchange BitMEX releases 1.5mln BMEX tokens to users

Earlier in December, BitMEX announced that it will be launching its native cryptocurrency, with a promise to airdrop a significant portion of the tokens to verified BitMEX users

Popular cryptocurrency derivatives trading platform, BitMEX, has released 1.5 million BMEX – its new native token –  to both old and new users following the release of the BMEX Token Litepaper.

Earlier in December, BitMEX announced 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.

While this is a huge milestone for BitMEX users, it is important to consider that we are only at the beginning of our journey. Cryptocurrencies are at the core of a massive shift from analogue to digital, and we are positioning BitMEX to be a cornerstone of this new paradigm, said Alexander Höptner, CEO of BitMEX.

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.