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.

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