Cryptocurrency exchange BitMEX today said the listing of its native token, called BMEX, on the spot market was postponed until further notice.
Citing unfavorable market conditions, BitMEX decided the best course of action to take is to push forward the date of the token listing.
“The reason is quite simple. Although we are ready to list BMEX, the present market conditions are not ideal, and we want to list the token in an environment that gives it the best chance to reward you, its holders. For such an important launch, timing is just as important as any other factor,” the exchange said.
Over the past few months, BitMEX airdropped millions of tokens to hundreds and thousands of users for trading. Both new and existing verified customers had the chance to collect the airdrop through the subscription to BitMEX EARN, the platform’s passive earning product.
“Already, traders are enjoying the core utility of BMEX by staking to receive fee discounts, withdrawal refunds, and other perks. The holders of this token are passionate, active, excited, and vocal,” it added.
Following a slew of crypto platforms that have issued exchange tokens, BitMEX also launched its own native token, dubbed “BMEX.”
BitMEX follows a long list of rival exchanges like FTX, Binance, Coinflex, and others that have introduced exchange tokens. BMEX tokens are already similar to other exchange tokens as users can earn BMEX based on trading volumes at BitMEX and the fees generated for the exchange. More use cases for the ERC-20 token are expected in the future as the firm will explain the coin’s tokenomics.
According to BitMEX, the BMEX Token will be at the core of the BitMEX ecosystem and BMEX holders can enjoy a variety of benefits.
Elsewhere, BitMEX said its newly-launched spot market continue to report strong operational metrics. The daily signup and first time deposits have also jumped five times since its official rollout, with the average daily value (ADV) reaching over 3 million traded in the first week.
Upon launch, BitMEX Spot Exchange supports seven pairs of cryptocurrencies, including Bitcoin (XBT), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE). All these coins are traded against Tether (USDT), and the listing of more pairs is said to take place shortly on the largest coin-margined swaps exchange.
BitMEX said retail and institutional investors’ demand to trade spot cryptocurrencies has been significant, with growing interest coming from their existing customer base across the different coins they offer in the derivatives market. With this new product, BitMEX is addressing one of the frictions in the investor experience as they are now able to more confidently execute spot trades, knowing that their actual assets remain safe.