Cryptocurrency News

Crypto Derivatives Exchange BitMEX is Launching its own Token BMEX, Spot Trading Service Slated for Q2 2022

By December 21, 2021 No Comments

BitMEX, a crypto derivatives trading platform, has announced it will be launching a native BMEX token along with the rollout of BitMEX spot exchange. The company will be airdropping the new crypto tokens into digital wallets by the 1st of February, 2022, to both new and existing users.

Key takeaways:

  • According to the exchange, the BMEX token will drive the growth in the BitMEX ecosystem and provide several perks to its holders, including trading fee discounts, better rates when using BitMEX Earn, and early access to new products and services, among other benefits.
  • New users that complete a KYC when registering their BitMEX account will be eligible to receive a reward of 5 BMEX on top of a 10 USDT welcome bonus.
  • The exchange plans to distribute up to 25% of their users’ trading fees as BMEX rewards.
  • BitMEX plans to roll out its new token in two phases. The first phase will feature the airdrop and rewards for newly registered users along with trading fee rewards, while during the second phase that begins in early Q2 2022, the restrictions on BMEX withdrawals will be lifted, and the token will become tradeable and available to buy.
  • Upon the completion of the second phase of the token rollout, the BitMEX spot exchange is slated for launch in the second quarter of 2022.
  • Out of the maximum supply of 450 million tokens, 20% will be reserved for BitMEX staff, while 25% will be locked to show “our long-term commitment to the token and ecosystem,” explained BitMEX.
  • With the launch of a native exchange token, BitMEX will join the likes of Binance, KuCoin, FTX,, and numerous other centralized exchanges that have launched their tokens over the past couple of years to support the growth of their digital platforms.