BitMEX teams up with Tokeny to launch BMEX tokens

abdelaziz Fathi

Following a slew of crypto platforms that have issued exchange tokens, BitMEX is joining forces with Tokeny Solutions to launch its own native token, dubbed “BMEX.”

BitMEX

The tokenisation service provider contributed its technical expertise and advice during the newly minted asset’s development phase in 2021. Bitmex details that it closely collaborates with Tokeny to ensure the smooth rollout of the token’s launch phase, which will start trading in the second quarter of 2022.

BitMEX, the largest coin-margined swaps exchange, follows a long list of rival exchanges like FTX, Binance, Coinflex, and others that have introduced exchange tokens. BMEX tokens are already similar to other exchange tokens as users can earn BMEX based on trading volumes at BitMEX and the fees generated for the exchange. More use cases for the ERC-20 token are expected in the future as the firm will explain the coin’s tokenomics.

Commenting on the news, BitMEX CEO Alexander Höptner said “BitMEX is fast becoming a full crypto exchange ecosystem to serve our growing user base. Our users always come first, and we launched BMEX to reward them for their loyalty. We chose to partner with Tokeny – one of the global leaders in the tokenisation technology space – to guide us in developing and issuing BMEX in the most secure way possible. Tokeny has a strong track record of working with major crypto players to streamline the token issuance process, and we’re glad to have brought them onboard to support the launch of BMEX.”

Tokeny tokenized assets worth $30 billion

Launched in 2017, Tokeny provides its corporate clients with modular and user-friendly end-to-end solutions to issue, manage and transfer tokenized securities on public blockchain. Its unique T-REX protocol integrates compliance obligations into the digital asset smart contract, to create tokens compliant by design.

Tokeny, which is backed by Euronext, has provided its technical expertise in tokenisation to major crypto players and financial institutions alike, with more than $30 billion in tokenised assets through its solutions.

“We are pleased to work with BitMEX to launch its token, BMEX. In a short time period, we tested and successfully deployed the smart contracts thanks to the clear definition of token economics, the efficiency of the BitMEX team, and our in-house expertise,” added Luc Falempin, CEO of Tokeny.

BitMEX has had issues US authorities who claim it served American customers while flouting the nation’s banking laws. The popular bitcoin futures platform defended itself explaining that while US traders cannot access its trading services through IP addresses based in the US, some users may have masked their actual identities through virtual private networks, or VPNs, to disguise their locations.

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