BitMEX, an offshore crypto derivatives platform, announced on Thursday that it has tapped the services of Tokeny for the upcoming launch of its native exchange token.
Tokeny, which is a tokenization service provider, has already provided technical expertise and advice to BitMEX and is now working with the exchange to ensure a smooth launch of the exchange token.
“We are pleased to work with BitMEX to launch its token, BMEX,” said Luc Falempin, the Chief Executive Officer at Tokeny.
“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.”
Another Exchange Token
BitMEX first announced the upcoming launch of its token last month, thus, joining its other competitors to offer a native cryptocurrency. The exchange is expected to start the airdrop of the token from February 2022 and will distribute it among both existing and new customers.
Based on the ERC-20 standard, BMEX will be launched on the Ethereum blockchain. The exchange will mint a maximum supply of 450 million tokens and has come up with a token burning mechanism for the future. The token will complement the services of BitMEX’s upcoming crypto spot exchange.
Alexander Höptner, the CEO at BitMEX, 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.”
