Bitmex’s BMEX Crypto Will Be Available For Trade On Friday

Bitmex will commence trading of its native BMEX cryptocurrency on November 11, a year after announcing the launch.

Bitmex said on Tuesday that the currency would be used to reward clients in an effort to recapture market dominance in the derivatives area. Bitmex said that benefits would include trading charge savings, withdrawal cost exemptions, enhanced staking rewards, and access to new goods and services.

The exchange launched the BMEX token for the first time in December of 2017 and began airdropping it to users in February. Bitmex today said it has airdropped “millions of BMEX to over 80,000 traders” since February. In June, the business cited “market circumstances” as the reason for delaying the debut of its coin. But now is the right time to launch, according to Bitmex’s chief marketing officer Benjamin Usinger, who said in a statement that the exchange “would like to contribute to growth in liquidity and revitalise the crypto markets.”

Bitmex will offer the BMEX/USDT pair on its newly opened spot exchange on Friday, in addition to launching two new permanent swaps, BMEXUSDT and BMEXUSD, on its derivatives platform.

Bitmex, a once-leading crypto derivatives exchange, has been embroiled in a series of court challenges over the last several years and is now attempting to reclaim its market position. According to statistics, Bitmex formerly had around 35% of the open interest in bitcoin futures. It now retains just around 2% of the market, with other competitors eating its lunch.

It remains to be seen whether the token listing would assist Bitmex in regaining its previous prominence. As part of a commitment to emphasise on the crypto derivatives market, the exchange recently lost its CEO Alexander Hoptner and reduced its workforce.