Bitmex, a cryptocurrency exchange, is expected to commence trading its native BMEX coin on November 11 after proposing it a year ago. On Tuesday, Bitmex said that the cryptocurrency would reward users as the business seeks to reclaim its market position in the derivatives area. According to Bitmex, benefits will include trading cost savings, withdrawal charge exemptions, better staking incentives, and availability of new goods and services.
Bitmex has Distributed Millions of BMEX Tokens to More than 8000 Investors
The BMEX coin was first introduced to the public by the exchange in December of the preceding year, and free samples of it were given away to consumers starting in February. Since February, Bitmex has announced that it has provided many millions of BMEX tokens to more than 80,000 investors. Today, Bitmex made this announcement. In June, the company that was just getting started delayed the launch of its cryptocurrency, citing “market conditions.” However, according to Benjamin Usinger, who serves as the head of marketing for Bitmex, now is the ideal moment to get started because the exchange plans to contribute to increasing liquidity and revitalizing the cryptocurrency markets.
In addition to listing the USDT/BMEX pairings on its recently launched spot exchange, Bitmex will launch two additional permanent swaps on its derivative platform this coming Friday. These swaps will go by the names BMEXUSD and BMEXUSDT.
Bitmex Efforts to Regain the Past Glory
The coin’s debut takes place at a time when Bitmex, previously a top cryptocurrency derivative exchange, is making significant efforts to regain its position in the sector after being embroiled in a string of legal battles over the course of the past few years. According to the numbers that The Block Research published, Bitmex formerly claimed around 35 percent of the open interest that was present across the board in all Bitcoin futures markets. As a direct result of the rivalry posed by its other rivals, it currently holds just a portion of the market, which corresponds to around 2%.
It is still to be established if the coin listing will aid Bitmex in reclaiming the former brilliance it formerly enjoyed in the business; nevertheless, this will continue to be determined. The cryptocurrency exchange recently severed ties with Chief Executive Alexander Hoptner and cut back on the size of a few of its staff members as part of a move to place a greater emphasis on the Bitcoin derivatives market.
Nobody could have predicted the degree to which it entered this trend when BitMEX launched cryptocurrency derivatives some years ago. But it has always been clear about what it stands for: exposure to liquidity for eventual riches, professional trading installations, and innovations in a world dominated by digital assets.
BMEX will make your trading experience more enjoyable. Holding and staking BMEX entitles you to trading cost reductions, staking awards, withdrawal cost exemptions, and special VIP benefits on the BitMEX forum and beyond. It is our aim and expectation that, as it expands, BMEX and your potential will grow alongside us.
