In an effort to revive market interest, “BitMEX”, a cryptocurrency exchange, has distributed 1.5 million BMEX tokens to its customers. The tokens were distributed depending on a user’s prior exchange activity. The Ethereum-based tokens have a 5-year locked-in period and a maximum supply of 450 million. These will be used to reward new and existing BitMEX customers by providing them with trading fee savings. BitMEX claimed that their token allowed the exchange to grow services and attract new users. This is a step forward from its first launch as a strictly futures-based cryptocurrency exchange.
The BitMEX intends to burn BMEX tokens every quarter to boost utility for investors. Token holders will have free access to BitMEX Academy classes and exclusive community channels, as well as a higher rate of return on “BitMEX EARN” deposits, the exchange’s passive earning product.
For holders of 500,000 BMEX or more, special advantages include invitations to unique events, BitMEX apparel, and VIP seats to sporting events. Holders can begin staking BMEX on February first. Spot trading of BMEX tokens will begin with the introduction of the BitMEX spot market in early Q2. At the time of writing, the tokens could not be withdrawn.
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