Crypto Exchange BitMEX To Airdrop Its New Native Token

BitMEX will be launching a new native token and airdropping it to users of the crypto exchange.

The exchange, one of the oldest in the industry, revealed on Tuesday that it would be releasing a whitepaper for the new BMEX token sometime early next year.

According to the announcement, BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% will be reserved for BitMEX employees and another 25% for the exchange’s “long-term commitment to the token and ecosystem.”

The token will have a maximum supply of 450 million, vested over a period of up to five years. Users can acquire BMEX through the airdrop by earning them through participating in various offers on the exchange, or by buying them on the BitMEX platform and other select exchanges when they go live in early Q2 of next year.

According to BitMEX:

“BMEX Token is the reward and engagement Token for the BitMEX.com ecosystem, and will enhance users’ overall trading experience on BitMEX. BMEX holders will enjoy a range of benefits including trading fee discounts, enhanced yield on Earn products, priority access to products, participation in swag raffles and many more.”

With Binance, FTX, Crypto.com, and countless other exchanges already with their own native tokens, BitMEX will be relatively late to the party, especially considering how long its been around.

https://twitter.com/HsakaTrades/status/1473234262505623552

It’s possible that Coinbase will also follow suit at some point. In the US exchange’s February filing with the SEC to go public, it mentioned the possibility of needing to raise more capital in the form of “blockchain tokens.”

“We may issue shares of capital stock, including in the form of blockchain tokens, to our customers in connection with customer reward or loyalty programs. If we issue additional equity securities, including in the form of blockchain tokens, stockholders will experience dilution, and the new equity securities could have rights senior to those of our currently authorized and issued common stock... The trading prices for our common stock may be highly volatile, which may reduce our ability to access capital on favorable terms or at all.”