Cryptocurrency exchange and derivatives platform BitMEX is set to unveil its native token BMEX later this week.
BitMEX says that the initial exchange offering (IEO) of the BMEX token will take place on Friday.
The token will exclusively be listed on the BitMEX spot exchange before being made available for derivatives trading on the same platform.
“On 11 November, 2022, we’re launching the BMEX Token exclusively for trading on BitMEX, affording our users the exclusive opportunity to participate in an IEO from an OG [original] crypto exchange.
First up, at approximately 8 am SGT [Singapore Time], BMEX/USDT will become the latest trading pair on our spot exchange, followed by two perpetual swaps – BMEXUSDT and BMEXUSD – just a few hours after.”
Some of the benefits that holders of the BMEX token will enjoy include trading fee discounts, staking rewards and lower withdrawal fees.
The BMEX token is built on the Ethereum (ETH) blockchain and its supply is capped at 450 million. BitMEX’s native token has a four-year vesting schedule, according to the white paper.
BMEX’s initial exchange offering is coming about five months behind schedule as its trading launch was initially planned for June.
BitMEX initially announced the utility token in December 2021. The first airdrop was conducted in February where more than 1.5 million BMEX tokens were given away for free to both new and existing users. Staking of the BMEX token started hours after the initial airdrop.
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