BitMEX exchange announces its own token, the BMEX, for early 2022. This token will be distributed first as an airdrop to reward new users
BitMEX reveals its BMEX token
It is via the official blog of the BitMEX platform that we learn that it plans to create its own token, named BMEX.
BitMEX is an exchange based on margin-trading, allowing its users to trade with up to x100 leverage.
The leverage method consists of borrowing money from the exchange platform to be able to amplify its gains in a very important way, but it is a very risky method since in case of failure, the losses will also be considerable, even leading to a complete liquidation of the funds.
After losing momentum for some time due to multiple court cases, it seems that BitMEX wants to bring new users back to the company by rewarding them with an airdrop starting today.
BitMEX daily volume since December 2020 (Source: CoinGecko)
The exchange wants to reward its users
In an effort to reward and encourage holders of the future token of its platform, BitMEX has already made several announcements in this sense, including reduced transaction fees, increased returns on investment, and early access to upcoming projects.
At the same time, BitMEX has announced an airdrop for future and existing users.
First, a welcome offer to register on the BitMEX website by completing the KYC processes. This offer is limited to the first 50,000 registrants. Reward: 5 BMEX and 10 USDT.
Next is an announcement valid from today until March 2022: BitMEX users will receive a quantity of BMEX proportional to their trading volume over this period. They will be able to earn up to 25% of their transaction fees as a monthly reward. The offer is limited to 50,000 BMEX per user per month.
The third announcement of the airdrop is that all users, both old and new, will be rewarded for the first three referrals made on the platform. The only condition of the offer is that the referrals must also complete the KYC processes. Here, the reward is 15 BMEX.
Note that according to BitMEX, more competitions and rewards will be announced between now and the token’s rollout.
How many BMEX tokens are being distributed and for what purpose?
The exchange platform will provide 450 million BMEX tokens over a maximum of 5 years.
According to BitMEX, 20% of the BMEX will be reserved for its employees and 25% for the long-term development of the ecosystem, leaving 55% for airdrop recipients and future buyers.
It will be possible to trade the BMEX from 1 February 2022 on the platform. The value of the token will of course be defined at its release depending on the state of the market at that time and the volume distributed through the airdrop phase.
The CEO of BitMEX, Alexander Höptner, wishes to affirm the company’s desire to start again on a good footing after its multiple legal setbacks:
Through the transformation we are making to make BitMEX a fully-fledged cryptocurrency exchange ecosystem, the launch of BMEX heralds a renaissance. The BitMEX user experience will never be the same, and the products and services we offer will continue to grow along with the company.
