BitMEX Has Given The Clear Date For The Altcoin BMEX It Will Release!

Cryptocurrency exchange Bitmex is gearing up to launch trading for the local BMEX altcoin, which it first announced last year, on November 11.

Bitmex said on Tuesday that this token will be used to reward customers as the company aims to regain market share in the futures space.

The company said the rewards will be offered in the form of transaction fee reductions, withdrawal fee waivers, enhanced staking rewards and access to new products and services.

BitMEX Altcoin, Previously Delayed, Again Coincides with a Period of Turbulent Cryptocurrency Market

The exchange first announced the BMEX token in December last year and started airdropping it to users in February. Bitmex said in a statement today that it has distributed “millions of BMEX to over 80,000 investors” since February. In June, the company delayed the listing of its token, citing “market conditions.”

However, Benjamin Usinger, Bitmex’s marketing manager, said that now is the right time to launch, noting that the exchange “want to contribute to the growth in liquidity and revitalize the crypto markets.”

The company will list the BMEX/USDT pair on its newly launched spot exchange on Friday, and will also launch two new perpetual trades on its derivatives platform, BMEXUSDT and BMEXUSD.

The token listing comes as Bitmex, once the largest crypto derivatives exchange, struggles to regain its position in the market after a series of legal battles over the past few years.

According to the data, the company once bitcoin held about 35% of the open interest in its futures. Now it only has 2% of the market share and other companies are taking its place.

*Not investment advice.