BitMEX Delays The Launch Of Its BMEX Token Due To A Bearish Market
- BitMEX confirms the dealy of its BMEX token in a blog post
- The bearish market has been cited as the reason for the delay
Seychelles-based leading cryptocurrency derivatives exchange platform BitMEX has announced a delay in its BMEX Token listing.
According to the announcement, it will take time to list the BMEX token on its spot exchange, citing “not ideal” market conditions. BitMEX said that it wants to list the token in an environment that offers the best chance to reward the holders.
“For such an important launch, timing is just as important as any other factor,”it added.
Therefore, the company has decided to wait for general crypto market conditions to improve before listing on BMEX.
Notably, the derivative exchange demonstrated the implementation of its expansion strategies in May 2022 by launching its first spot exchange with seven trading pairs. BitMEX CEO Alexander Höpner said at the time that the company aims “to deliver more features, more trading pairs, and more ways for our clients to take part in the crypto revolution.”
The BitMEX Spot exchange was launched with the goal of being placed in the top ten largest spot exchanges in the world. The company was planning to bring more training pairs and list more tokens on the platform, and BMEX was one of the massive plans it had ahead. However, the ongoing adverse market downturn has made it difficult for crypto companies to carry out their plans.
The postponement announcement might be unpleasant for some, but according to the company, it brings more opportunities for users to earn as the company will still airdrop BMEX tokens to its traders and new members.
Over the past several months, BitMEX has airdropped millions of tokens to hundreds of thousands of users simply for trading.
“Already, thousands of traders are enjoying the core utility of BMEX by staking to receive fee discounts, withdrawal refunds, and other perks. The holders of this token are passionate, active, excited, and vocal,”the company stated.
BitMEX concluded that the BMEX listing on its newly-launched spot exchange remains its top priority and it is working hard to achieve it in the coming days.