BitMEX and the BMEX token

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Bitmex

On November 11 2022 BitMEX cryptocurrency exchange launched its native BMEX token.

According to BitMEX, the exchange has airdropped millions of BMEX tokens to approximately 80,000 BitMex users.

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BMEX holders will be able to access new products and services on the BitMEX exchange in the future, in addition to trading discounts and staking.

BMEX

Once considered a leading cryptocurrency exchange, BitMEX has since lost its market dominance due to a flurry of legal battles.

In a detailed Medium post, BitMEX announced that the BMEX token will primarily be used as a trading token that can allow holders to access a variety of features on the BitMEX exchange.

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In addition, the token can be used to get trading fee discounts, withdrawal fee waivers, and improved staking rewards.

From BitMEX:

BMEX will enhance your trading experience. Holding and staking BMEX will unlock trading fee discounts, staking rewards, withdrawal fee waivers, and exclusive VIP privileges on the BitMEX platform and beyond. It is our hope and expectation that as we grow, BMEX, as well as your potential, will grow with us.

The BMEX token was first announced in December 2021. The exchange later shared how it has been constantly airdropping BMEX tokens into BitMEX user wallets for the past year.

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The token has finally been launched after several delays and deliberations. It was originally supposed to go live in June 2022, but the exchange postponed the launch after citing "unfavourable market conditions."

As per additional details, BitMEX listed the BMX/USDT pair on its newly launched spot trading platform on November 11 2022, followed by two new perpetual swaps, BMEXUSDT and BMEXUSD, on its derivatives platform.

Once considered a leading cryptocurrency exchange, BitMEX has since lost its market dominance due to a flurry of legal battles.

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