Renowned crypto exchange platform Bitmex has announced that trading of its native BMEX coin will begin on November 11.
Bitmex announced on Tuesday that it will utilize the currency as a form of consumer reward as it seeks to reclaim market share in the trading industry. The exchange has stated that its customers will be able to receive benefits such as higher staking rewards, reduced trading fees, withdrawal fee waivers, and access to new products and services.
Bitmex is working on BMEX from the past year
Notably, the exchange made its first announcement on the BMEX token in December last year and began conducting airdrops to users in February 2022. Bitmex announced today that since February, the company had airdropped “millions of BMEX to over 80,000 traders”.
The company decided to hold off on listing its coin in June due to “market conditions”. However, Bitmex’s chief marketing officer Benjamin Usinger has stated that the exchange “would like to contribute to increase in liquidity and revitalize the crypto markets,” therefore the moment is ideal for an introduction.
On Friday, Bitmex will add the BMEX/USDT pair to its spot exchange and introduce the BMEXUSDT and BMEXUSD perpetual swaps to its derivatives market.
Bitmex is a once-prominent crypto derivatives exchange, but it has been mired in a number of legal challenges over the past few years. According to data from The Block, Bitmex formerly held about 35% of the open interest across bitcoin futures. Other competitors have eaten up its market share, and it now has only about 2%.
The token listing’s potential to help Bitmex regain its previous glory is still yet to be determined. As part of its plan to refocus on the cryptocurrency derivatives market, the exchange recently laid off about 30% of its workforce. Moreover, the company’s former CEO Alexander Höptner resigned from his post in just gone October.