Benzinga | Dec 21, 2021 11:02AM EST

Crypto Exchange BitMEX Launches Its Own Token

BitMEX, one of the oldest crypto exchanges still operational, plans to launch its own native cryptocurrency token.

What Happened: In a Twitter Inc (NYSE:TWTR) announcement on Tuesday, BitMEX said it would mint a cryptocurrency token and airdrop it to new and existing users.

We're thrilled to announce the minting of our token, BMEX

The Token for True Believers!

Learn how to be eligible for our #BMEX #airdrop here: https://t.co/obpUxHySmJ pic.twitter.com/9naBGT08wM

-- BitMEX (@BitMEX) December 21, 2021

The tokens will reportedly be airdropped by Feb. 1, 2022, directly into customers' BitMEX wallets.

New users with a completed KYC will be eligible to receive 5 BMEX tokens and 10 Tether (CRYPTO: USDT) tokens while existing users can earn up to 25% of their trading fees in BMEX tokens as they trade.

Existing users who refer three friends to sign up will also be eligible to receive 15 BMEX tokens.

BMEX tokens will have a maximum supply of 450 million tokens and will be vested for a period of five years.

"The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem," said BitMEX.

A number of centralized crypto exchanges that have launched their own tokens have seen their value increase considerably over the course of the year.

Crypto.com's native token Crypto.com Coin (CRYPTO: CRO) rallied 1,820% this year to a high of $0.96 last month. Voyager's native digital asset Voyager Token (CRYPTO: VGX) rallied 6,000% from $0.15 at the start of the year to a high of $7.50.

Photo by Stephen Dawson on Unsplash