Cryptocurrency exchange Bitmex announced that it will launch its BMEX cryptocurrency on Friday, November 11th.
As the company aims to regain market share in the derivatives space, Bitmex stated that the new digital currency will be used to reward users of its platform.
Rewards will be allocated through trading fee discounts, withdrawal fee waivers, enhanced staking rewards, and access to new products and services on the Bitmex platform.
The launch of the digital currency was initially announced in December last year, and users began acquiring it in February.
According to the platform, millions of BMEX cryptocurrencies have been dropped by more than 80,000 traders since February.
Just like other exchanges, such as BNB for Binance and FTT for FTX, BMEX is the digital currency issued by Bitmex.
Although BMEX was expected to launch earlier in June, the platform chose to delay the launch due to unsatisfactory market conditions.
The chief marketing officer of Bitmex later revealed that now is the right time to launch the digital currency, and that the platform wants to contribute to the growth of liquidity and revitalization of the crypto markets.
Bitmex will begin trading BMEX on Friday by first listing the BMEX/USDT pair on its recently launched spot trading platform and then launching two new perpetual swaps - BMEXUSDT and BMEXUSD - on its derivatives platform.
As the platform prepares to launch its digital currency, it seems that the company is still not comfortable with the state of the market.
Earlier this month, Bitmex decided to reduce the number of its employees as part of its long-term strategy.
In its statement, Bitmex told:
We are moving away from our derivatives strategy and will be back more focused on providing the crypto derivatives trading experience that people will turn to.
We will also focus on liquidity, latency, and the vibrant derivatives community, including BMEX trading.
