On Tuesday, the cryptocurrency exchange BitMEX announced that it would begin trading the native BMEX coin on November 11. Holding and staking BMEX tokens on the BitMEX platform will provide reductions on trading fees, staking incentives, waivers of withdrawal fees, and other VIP privileges. With the introduction of BMEX trading, the beleaguered cryptocurrency exchange aims to reclaim market share in the derivatives market.
IEO Date for BMEX Token Revealed
On November 8, the cryptocurrency exchange BitMEX stated in its official blog that the BMEX token trading would begin on November 11. It was claimed that this provided customers with an exclusive opportunity to take part in an IEO from the initial cryptocurrency exchange.
A few hours later, users will be able to trade the BMEX/USDT pair on the spot market, followed by the two perpetual swaps BMEXUSDT and BMEXUSD, on the cryptocurrency exchange. According to BitMEX, the registration process for users just takes five minutes. Additionally, BitMEX promoted BMEX as "the Token for True Believers" in 2022 and gave out significant airdrops of the token.
“The traders, the HODLers, the whales and all of those in the community, who recognise that we live in a time where the future of money, transactions, art, security, investing, and more is being created. True believers recognise this potential. They aren’t passive observers. They are doers, evangelists, and trailblazers.”
The cryptocurrency exchange disclosed that holding and staking BMEX will give users up to 15% off their trading fees. Additionally, it offers early product access, BitMEX SWAG, and tickets to athletic events; VIP services for significant token holders; and a monthly token burn to increase the value of the BMEX ecosystem.
Reason for BMEX Delay
Because of poor market circumstances, BitMEX chose to postpone the launch of BMEX in July. The cryptocurrency market was destroyed by the Terra-LUNA and liquidity crises. After BitMEX unveiled the BMEX Token Litepaper, outlining the ambitious ambition, utility, and strategy for the token, the cryptocurrency exchange airdropped millions of tokens.