BitMEX Postpones Listing of Its BMEX Token

Source: AdobeStock / piter2121

 

Crypto exchange BitMEX said it has postponed the listing of its native token BMEX due to unfavorable market conditions. 

In a recent blog post, the exchange said although they are ready to list BMEX, the current market conditions "are not ideal."

When asked about when the coin might eventually be listed on its spot exchange, BitMEX's official Twitter account said: "when conditions are more favourable."

Meanwhile, native tokens of other exchanges are showing mostly negative results in the past month. For example, at the time of writing, Binance's BNB is down 17% in a month, Bitfinex's LEO - almost 3%, FTX's FTT - 10%, while OKX's OKB is up 4%. 

Initially announced in late 2021, BMEX is an ERC-20 token with a maximum supply of 450m. The token was expected to be listed on the exchange's spot exchange in 2022. As reported, in late January 2021, the exchange airdropped BMEX 1.5m to its new and existing users.

"BMEX will have a maximum supply of 450m tokens, vested over a period of up to 5 years. The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem," the company explained in its FAQ.

BMEX token holders can earn up to 15% discounts in trading fees and preferential rates on its derivatives and spot exchange. Holders will also have the option to stake their coins and earn rewards. Other perks include early access to new products, participation in initial exchange offerings (IEOs), and VIP experiences and merchandise.

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