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- Crypto futures and crypto-products trading platform BitMEX is outlining to introduce its exchange token named BMEX, by the end of 2022.
- The chief executive officer of BitMEX revealed this in Token2049 conference in Singapore.
The chief executive officer at BitMEX, Alexander Hoeptner stated that “if you introduce a token in a market which certainly is not at all at the bottom, then your token will be cleared out with the normal ecosystem.”
In July, the platform publicized that the introduction of token will be postponed because of volatile market conditions.
“We have decided to delay the listing of the BMEX token on our spot platform,” it said. However, we are all set to launch BitMEX, the current market conditions are not favourable, and we want to launch the token in an ecosystem that provides it the best opportunity to give you awards, its holders,” the firm stated in the July publicization.’
From the last few months, Crypto markets have taken a defeat in between systematic risks from inside the crypto sector and worries of inflation in the economy over the world. Bitcoin also fell by over 70% from its all time high in November 2021.
Discount and other perks
Similar to the other exchange tokens like BNB and ETT, token holders will be sanctioned discounts on trading fees as well as other benefits.
Hoeptner described that the particular date of introduction relies on whether the exchange’s team trusts that there is not another “immense fall” over the horizon. Introducing right before a fall, he explained, will mean that the attention is centered on the token’s dipping value instead of the exchange’s new characteristics or other achievement such as registration in Italy and Switzerland.
“Public waited for too long. Now, they can also wait for one or two more months,” Hoeptner believes.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
