Major crypto derivates exchange BitMEX said it will launch its token, BMEX, in 2022, in two phases.
The exchange noted that the tokens will start to be airdropped on 1 February.
Meanwhile, the second phase, coinciding with the launch of BitMEX Spot in early Q2, will see BMEX become tradeable on BitMEX, they said, adding that it is when a USD or BTC denominated value of BMEX token will be determined by the market.
“BMEX token will have a maximum supply of 450 million tokens, vested over a period of up to 5 years. The large majority of BMEX token will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem,” the company explained in its FAQ.
Then, BMEX token utilities like trading fee discounts, the enhanced yield on EARN, BitMEX Academy perks, and swag privileges will also start to go live.
“As we transform BitMEX into a full crypto exchange ecosystem, the launch of BMEX marks a rebirth,” Alexander Höptner, CEO of BitMEX, said.
Watch BitMex to Launch BMEX Token in 2022
According to him, they are bypassing the usual practice of having an initial private investor round in order to reward “those we think are most deserving” – active BitMEX users.
Check the latest price of all cryptocurrencies here.