On November 11, BitMEX will launch the trading of its native BMEX token. By holding and staking this cryptocurrency, users can gain additional discounts on their trading fees.

The crypto exchange BitMEX announced on Tuesday that it will be launching the trading of native BMEX tokens on November 11. The holding and staking of BMEX tokens will unlock discounts on trading fees, staking rewards, withdrawal fee waivers, and exclusive VIP privileges on the platform. With this launch, the troubled crypto exchange is looking to regain market share in the derivatives market.

On November 8, crypto exchange BitMEX announced on its official blog that BMEX token trading will go live on November 11. This gives users who participate an exclusive opportunity to partake in an IEO from the original crypto exchange.

From the start, users can trade the BMEX/USDT pair on 8 AM SGT on the spot exchange. A few hours later, they will have access to two perpetual swaps: BMEXUSDT and BMEXUSD. According to BitMEX, it takes only 5 minutes for users to register an account. In addition, in 2022 BitMEX gave away bountiful airdrops of BMES as a “Token for True Believers”– showing their appreciation to those who support them early on.

“The traders, the HODLers, the whales and all of those in the community, who recognise that we live in a time where the future of money, transactions, art, security, investing, and more is being created. True believers recognise this potential. They aren’t passive observers. They are doers, evangelists, and trailblazers.”

 

The crypto exchange revealed that holding and staking BMEX will provide users with the following benefits: trading fee discounts of up to 15%, refunds on withdrawal fees, early product access, BitMEX SWAG, tickets to sporting events, VIP services for large token holders, and monthly token burn to grow the BMEX ecosystem value.

BitMEX decided to put off the release of BMEX because market conditions were bad. The crypto market dropped sharply after LUNA and Terra had a liquidity crisis. After BitMEX showed the BMEX Token Litepaper, which explains the token’s purpose and roadmap in detail, the exchange gave away millions of tokens.