BitMEX has announced the introduction of its native token, which will be available in the secondary market at the time of the launch of spot trading, a new business segment.
First 50,000 New Users Get BMEX for Registering
The cryptocurrency exchange was one of the first to offer derivatives products like futures contracts and it is now boasting its overall offering by adding several new business lines: Spot, Brokerage, Custody, Information Products, and Academy.
To that effect, the firm hired Michele Bertacco as Chief Marketing Officer to help build out the diversity of products on the derivatives side, with its derivatives offering remaining at the heart of the business.
Spot trading will be added as a new segment with the launch of full-service spot capabilities globally to provide users with a way to buy and sell crypto assets.
The new branch will open in early Q2 2022. This is when the price of the BMEX token will finally be determined by the market. It’s worth noting that users will not be able to withdraw the tokens until the start of spot trading.
The BMEX token will have a maximum supply of 450 million vested over five years. 20 percent of that supply is already earmarked for BitMEX employees and another 25 percent will go for its long-term commitment to the token and ecosystem.
BitMEX announced it will offer 5 BMEX tokens and 10 Tether tokens to the first 50,000 new users who sign up before January 31, 2022 and complete BitMEX’s KYC protocol, respectively.
Users can earn an additional 15 BMEX tokens for getting three other people to do the same before the January deadline. Existing users can begin earning up to 25 percent of their trading fees in BMEX by simply trading on the exchange.
BitMEX Enters 2022 With a Bang After Issues With Regulators
Token holders will be able to enjoy a host of benefits including trading rebates, better rates for the exchange’s Earn product, access to BitMEX’s trading academy, and more. The Seychelles-based crypto exchange plans to publish the BMEX whitepaper by the end of January 2022 and begin distributing the tokens on February 1, 2022, via airdrop to eligible users.
The cryptocurrency exchange will also establish a licensed brokerage to offer end-to-end principal, agency, and OTC trading services to clients, as well as a fully licensed and proprietary asset custody solution, information products, and an education service.
BitMEX has faced a few regulatory hurdles as of late, including with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN), having settled for $100 million.