BitMEX decided to launch its own BMEX token and airdrop to both its existing and new users

BitMEX, one of the most popular cryptocurrency derivatives platforms, has decided to launch its native digital asset. They said the upcoming BMEX token will be airdropped by February 1, 2022, in its customers’ exchange wallets.

BitMEX will airdrop its BMEX tokens to account holders in early 2022

50,000 new users with completed KYC can register to get 5 BMEX tokens and 10 Tether (USDT). Existing traders will get BMEX tokens as they trade. Specifically, they can earn up to 25% of the monthly trading fee in BMEX token in a 1:1 ratio, capped at 50,000 BMEX/month/user. There is also a referral program for users who can refer three friends to sign up and complete KYC, which will give the referrer 15 BMEX tokens.

BMEX will have a maximum supply of 450 million tokens. They will be minted at once and vested over up to 5 years. “The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem,” said BitMEX. “An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem.”

There’s no listing price of the value of each BMEX token as the market will determine them upon the launch of the company’s spot branch in early Q2, 2022. Until then, airdropped tokens won’t be withdrawable until the start of spot trading.

BitMEX said it would buy and burn BMEX tokens every quarter and publish details on its website, similar to Binance’s burn of its BNB tokens.

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