Cryptocurrency exchange BitMEX has postponed spot trading for its native token bitmex token (BMEX), citing current market conditions. In a blog post, the exchange said it wants to list the token in an environment that gives the "best chance" to reward holders.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
BitMEX declined to provide more information about when it plans to list the token on spot exchange. The BitMEX team said:
"Bear markets are not easy; we have seen our share over the years and stayed strong, even with Bitcoin at much lower levels."
BitMEX first announced plans for its native token in December 2021. The token's maximum supply is set at 450 million tokens and the issuance period will be up to 5 years. The exchange claims the vast majority of BMEX will be spent on rewarding users and developing the BitMEX ecosystem. A 20% allocation is reserved for BitMEX employees and another 25% for "long-term commitment to the token and ecosystem."
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange