- The crypto exchange hopes to restore market dominance in the derivatives market.
- Trade in the BMEX/USDT pair on the spot market will begin at 8 AM SGT on Nov 11.
The cryptocurrency trading platform BitMEX announced on Tuesday that its native BMEX coin would begin trading on November 11. Members who hold and stake BMEX tokens on the BitMEX platform will get access to discounted trading fees, staking awards, fee-free withdrawals, and other premium features. With the debut of BMEX trading, the struggling crypto exchange hopes to restore market dominance in the derivatives market.
BitMEX, a cryptocurrency exchange, said on its official blog that trading of the BMEX token will begin on November 11. It was claimed that this provided customers with a unique chance to take part in an IEO from the exchange.
Token For True Believers
Initiating trade in the BMEX/USDT pair on the spot market will begin at 8 AM SGT. A few hours later, the crypto exchange will launch two perpetual swaps, BMEXUSDT and BMEXUSD. BitMEX claims their account creation process takes no more than 5 minutes. BitMEX also gave out a lot of BMEX through airdrops in 2022, dubbing it “the Token for True Believers.”
The cryptocurrency trading platform has announced that customers that hold and stake BMEX would get 15% trading fee reductions. In addition, the BMEX team will be burning tokens every month to increase the value of the BMEX ecosystem, refunding withdrawal costs, giving early access to products, and giving large token holders VIP perks like tickets to sports events.
In July, BitMEX postponed the debut of BMEX because of adverse market circumstances. The crypto market crashed due to the liquidity issue and the Terra-LUNA crisis. After releasing the BMEX Token Litepaper, which details the token’s lofty goals, practical applications, and future plans, the cryptocurrency exchange airdropped millions of tokens.
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