The Bitmex trading platform will list the BMEX/USDT pair on its spot exchange on November 11, and will also launch two new perpetual swaps — BMEXUSDT and BMEXUSD.
Bitmex announced that the BMEX token will be used to reward customers as the company seeks to regain market share in the derivatives field. Tokens will be offered as a discount on the commission for trading. In addition, BMEX will free users from withdrawal fees, increase the reward for staking and provide access to new products and services.
The exchange first announced its token in December last year. Since February, it has already distributed "millions of BMEX to more than 80,000 traders."
Bitmex Marketing Director Benjamin Usinger recalled that in June the company postponed the listing of its token, citing "market conditions".
But now, according to him, is the right time to launch BMEX, which will "contribute to the growth of liquidity and the revival of cryptocurrency markets."
Bitmex recently abandoned its strategy to promote spot trading services, as well as brokerage and custodial services. In addition, the company has cut 30% of its employees. This happened after CEO Alexander Heptner left the exchange last month. His functions are now temporarily performed by the financial director of the exchange Stephan Lutz.