BitMEX will distribute 1.5 million BMEX tokens to users after launch
Popular derivatives exchange BitMEX has just airdropped 1.5 million BMEX (the exchange’s new native token) to old and new users following the release of the BMEX Token Litepaper.
BitMEX rewards BMEX token users
In a press release, BitMEX noted that tokens are awarded to users based on their previous activity on the exchange.
BitMEX announced in December that it would launch its native cryptocurrency, with a promise to give away a significant portion of the token to verified BitMEX users.
BMEX is built on the Ethereum blockchain, has a maximum supply of 450 million tokens and a bonus term of up to 5 years. The tokens will be used to reward both old and new exchange users, giving them discounts of up to 15% on trading fees.
Exclusive privileges for token holders
In addition, token holders receive a number of unique privileges. In particular, VIP tickets for sporting events, VIP services for users with more than 500,000 BMEX tokens, exclusive product access and preferential terms on upcoming services.
BMEX holders will also get free access to BitMEX Academy courses and private community channels, higher return on BitMEX EARN deposits, and fee discounts for the BitMEX Spot exchange, which is expected to be available soon and will be launched in Q2 2022.
Holders can stake BMEX tokens starting February 1, while spot trading begins at the beginning of the second quarter after the BitMEX spot exchange launch.
In the BMEX Litepaper, the exchange announced its intention to burn BMEX on a quarterly basis to increase its utility for investors, as the token will allow the company to expand its services and attract new users.
BitMEX CEO Alexander Höptner said about the latest developments:
“While this is an important milestone for BitMEX users, we are only at the beginning of our journey. Cryptocurrencies are at the heart of the massive analog-to-digital transition, and we position BitMEX as the first building block in this new paradigm. BMEX is the sign of true believers in this new era and will be the fuel we use to expand the BitMEX ecosystem.”
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