Gate.io lists rival BitMEX’s native token

abdelaziz Fathi

Crypto exchange Gate.io is planning to list rival exchange BitMEX’s native token, called BMEX, on the spot market effective tomorrow.

Gate.io

Starting from 05:00 UTC on April 5th, Gate.io users will be able to buy and sell BMEX token through the BMEX/USDT spot pair.

“BitMEX users, on the other hand, can continue to trade BMEX via BMEX Spot and BitMEX Convert, as well as go long (or short) on BMEX via BMEXUSD and BMXUSDT listings with up to 50x leverage. To celebrate the beginning of BMEX trading on Gate.io, BitMEX will launch a Trading Competition on 5 April at 12:00 UTC – offering users the chance to win up to 10,000 BMEX,” the statement reads.

Over the past few months, BitMEX airdropped millions of tokens to hundreds and thousands of users for trading. Both new and existing verified customers had the chance to collect the airdrop through the subscription to BitMEX EARN, the platform’s passive earning product.

Following a slew of crypto platforms that have issued exchange tokens, BitMEX also launched its own native token, dubbed “BMEX.”

BitMEX follows a long list of rival exchanges like 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 expand the coin’s tokenomics.

According to BitMEX, the BMEX token will be at the core of the BitMEX ecosystem and BMEX holders can enjoy a variety of benefits.

Gate.io made headlines earlier in February after revealing its intent to apply for a license in Hong Kong to capitalize on the city’s attempts to establish itself as a digital asset hub.

If approved, the group will launch Gate HK, a new platform designed for the Hong Kong market. The exchange cited the nation’s crypto-friendly policies as Hong Kong’s government is pushing to attract digital asset businesses, which would increase retail investors’ access to top cryptocurrencies and crypto exchange-traded funds.

Also in December, Gate.io’s US-based arm, Gate US, had been granted a license to offer virtual asset services in the United States.

Read this next

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

<