BitMEX will launch its exchange token this year, says CEO

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BitMEX will launch its exchange token this year, says CEO

By Hassan Maishera - min read

The CEO of BitMEX has revealed that the crypto futures exchange will launch its token before the end of the year.

Alexander Hoeptner, the CEO of BitMEX, told CoinDesk in an interview at the Token2049 conference in Singapore, that the cryptocurrency exchange would launch its native token before the end of the year. 

Hoeptner revealed that the BMEX token launch was delayed due to market conditions, but the company remains on track to release the token before the end of 2022. The BitMEX CEO said;

“If you launch a token in a market which clearly is not at all at the bottom, then your token will be drained down with the general environment.” 

Hoeptner’s comment comes after the exchange announced in July that the token’s launch would be delayed due to the current bearish market conditions. At the time, the company said;

“Although we are ready to list BMEX, the present market conditions are not ideal, and we want to list the token in an environment that gives it the best chance to reward you, its holders.”

Similar to other exchange tokens, including BNB, FTT, and KCS, BMEX token holders would be entitled to discounts on trading fees and other advantages. 

The CEO explained that the specific launch date of the token depends on if the BitMEX team believes that there is no other incoming massive dip on the horizon.

The cryptocurrency market has lost more than 65% of its value since reaching an all-time high in November 2021. The total crypto market cap is below $1 trillion, after reaching the $3 trillion mark a year ago. 

Hoeptner added that launching the BMEX token just before the dip would see investors focus on the token’s declining price instead of the exchange’s new features or other accomplishments, like its registrations in Italy and Switzerland. He concluded that;

“People waited for so long. They can wait for another month or two.”

BitMEX remains one of the leading futures trading platforms in the cryptocurrency space, recording nearly $400 million in daily trading volume.