Breaking: BitMex To Launch BMEX Token Trading On November 11

Crypto exchange BitMEX on Tuesday said it is launching the trading of native BMEX token on November 11. The BMEX token holding and staking will unlock trading fee discounts, staking rewards, withdrawal fee waivers, and exclusive VIP privileges on the BitMEX platform. The troubled crypto exchange looks to regain the market share in the derivatives market with the launch of BMEX trading.

BitMEX Announces BMEX Token IEO Date

In its official blog on November 8, crypto exchange BitMEX announced the BMEX token trading will go live on November 11. It said this gives users exclusive opportunity to participate in an IEO from the original crypto exchange.

Initially, users can start trading with BMEX/USDT pair on the spot exchange at 8 AM SGT. A few hours after, two perpetual swaps BMEXUSDT and BMEXUSD will be available for trading on the crypto exchange. BitMEX asserts it takes only 5 minutes for users to register for an account. Moreover, BitMEX rewarded generous airdrops of BMEX in 2022, calling BMEX “the Token for True Believers.”

“The traders, the HODLers, the whales and all of those in the community, who recognise that we live in a time where the future of money, transactions, art, security, investing, and more is being created. True believers recognise this potential. They aren’t passive observers. They are doers, evangelists, and trailblazers.”

The crypto exchange revealed that holding and staking BMEX will provide users with trading fee discounts of up to 15%. It also includes refunds on withdrawal fees; early product access, BitMEX SWAG, and tickets to sporting events; VIP services for large token holders; and monthly token burn to grow the BMEX ecosystem value.

BMEX Delayed by the Crypto Exchange

BitMEX in July decided to delay the launch of BMEX due to unfavorable market conditions. The Terra-LUNA crisis and liquidity crisis tanked the crypto market. The crypto exchange airdropped millions of tokens after BitMEX unveiled the BMEX Token Litepaper, which outlines the ambitious vision, utility, and roadmap for the token.