The listing of BitMEX’s BMEX Token is delayed
In light of recent market volatility, cryptocurrency exchange BitMEX has postponed the launch of its native token, BMEX.
The cryptocurrency futures and spot exchange stated in a statement today that it is prepared to list BMEX for trade, but that the current market environment is “not ideal” for token holders. From a peak of more than $60,000 in November, bitcoin has fallen below $20,000 due to recent market turmoil.
“Bear markets are not easy; we have seen our share over the years and stayed strong, even with bitcoin at much lower levels,” said the statement. “As we look to the future, listing BMEX on our spot exchange remains our top priority and we hope to celebrate this milestone with you soon.”
A request for more information on the delayed listing date was not immediately answered by the exchange.
In December of last year, BitMEX announced the debut of its native token, and as of January of this year, users had received 1.5 million tokens through airdrop. According to the company, it would continue to airdrop the token to traders and new members.
The tokens are vested over a five-year period with a maximum supply of 450 million units. The token may now be used by users by staking it in order to reduce trading fees and withdraw money.
“BMEX will have a maximum supply of 450m tokens, vested over a period of up to 5 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 company explained in its FAQ.
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