Crypto exchange BitMEX is gearing up to launch and then airdrop its brand new utility token to its millions of users.
In a new announcement via Twitter, the exchange tells its 116,000 followers that its launching BMEX, its new token for “true believers.”
[adinserter block="1"]The airdrop, set to commence on February 1 of 2022, will see both new and existing users receive BMEX.
According to a blog post from BitMEX CEO Alexander Höptner, users can participate in the airdrop either through trading incentives on the exchange, signing up with a new account (for the first 50,000 users), or referring three friends.
After being airdropped, BMEX will be tradable once the new BitMEX Spot Exchange goes live sometime in early Q2, 2022.
BitMEX says that there will be a hard cap supply of 450,000,000 BMEX, which will be distributed over the course of five 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 exchange also says that a whitepaper for BMEX is slated for release by the end of January of 2022.
Crypto exchange tokens have been among some of the top performers on the market over the last year.
Binance Coin (BNB), the utility token that powers Binance, the largest crypto exchange in the world, is up 1,450% over the last year, while Crypto.com’s CRO token was at one point last month up 1,740% from where it opened the year. By comparison, Bitcoin (BTC) is up just over 100% in the same time frame.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KHIUS/Vladimir Sazonov
