BitMEX delays listing its own BMEX token

The cryptocurrency exchange BitMEX postponed the listing of its own BMEX token, citing “less-than-ideal market conditions.”

📣We’ve decided to delay the listing of BMEX as we wait for general crypto market conditions to improve.

Why? We want to list BMEX in an environment that gives it the best chance to reward you: our community.

Thanks for your patience & stay tuned.https://t.co/pkSsYvljVN

— BitMEX (@BitMEX) July 12, 2022

The platform explained the decision by aiming to better reward its users.

“We are oriented toward the future; listing BMEX remains a key priority,” — its representatives said.

In December 2021, BitMEX announced the issuance of its own token. On January 31, 2022, platform users received 1.5 million BMEX in an airdrop.

In total, BitMEX will distribute 450 million BMEX over five years. It is expected that the bulk of the tokens will be spent on rewarding users and developing the ecosystem. To that end the exchange will reserve 45% of the issuance.

Holders of the asset will enjoy a range of benefits, including:

• discounts on trading fees;
• withdrawal reimbursements;
• higher yields on deposits in BitMEX Earn;
• early access to new products on preferential terms;
• free access to BitMEX Academy educational courses.

Quarterly, the exchange intends to buy back and burn a portion of the tokens.

Earlier, the listing was expected to take place after the launch of the platform for spot cryptocurrency trading.

In spring 2021, the current head of BitMEX, Alexander Heptner presented an updated development strategy for the platform, under which it aims to become a leading global cryptocurrency exchange. In particular, the platform should offer spot trading and custody services for crypto assets.

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