After first announcing it last year, cryptocurrency exchange Bitmex is set to begin trading its native BMEX token on November 11.
The token will be used to reward customers, according to a statement made by Bitmex on Tuesday. The company wants to regain market share in the derivatives industry.
According to Bitmex, rewards will be given in the form of waived withdrawal fees, reduced trading fees, better staking rewards, and access to new goods and services.
The BMEX token was first introduced by the exchange in December of last year, and airdropping to users began in February. Today, Bitmex announced that since February, it has airdropped “millions of BMEX to over 80,000 traders.”
The business postponed the listing of its token in June, citing “market conditions.” However, Bitmex‘s chief marketing officer, Benjamin Usinger, believes that this is the ideal time for a launch because the exchange “would like to contribute to growth in liquidity and revitalize the crypto markets.”
On Friday, Bitmex will list the BMEX/USDT pair on its recently launched spot exchange and introduce the BMEXUSDT and BMEXUSD perpetual swaps on its derivatives platform.
The token listing comes as Bitmex, once a leading exchange for cryptocurrency derivatives, battles to reclaim its position in the market following a number of legal disputes in recent years.
According to data from The Block Research, Bitmex once held about 35% of the open interest in all bitcoin futures. Today, other players are eating into its market share of around 2%.
Whether the token listing will assist Bitmex in regaining its former glory is yet to be determined. In an effort to refocus on the market for cryptocurrency derivatives, the exchange recently let go of its CEO, Alexander Hoptner, and reduced its workforce by 30%.