The Bitmex crypto exchange has announced that it will launch the trading of its BMEX token on November 11.

As the company aims to regain market share in the derivatives space, Bitmex stated that the token would be used to reward users of its platform. Rewards will be allocated through trading fee discounts, withdrawal fee waivers, enhanced staking rewards, and access to new products and services on the Bitmex platform.

The token launch was initially announced in December of last year, and users began receiving BMEX tokens in February. According to the exchange, millions of tokens have been airdropped to more than 80,000 merchants since February.

Like other exchange tokens, such as BNB from the Binance exchange and FTT from the FTX exchange, the BMEX token is the digital currency issued by the Bitmex exchange.

Although the BMEX tokens were expected to launch in early June, the exchange decided to delay the launch citing unsatisfactory market conditions. However, Bitmex Chief Marketing Officer Benjamin Usinger later revealed that now is the right time to launch the token and that the exchange would like to contribute to the growth in liquidity and revitalize crypto markets.

Bitmex will begin trading the BMEX token on Friday by first listing the BMEX/USDT pair on its recently launched spot exchange and then launching two new perpetual exchanges, BMEXUSDT and BMEXUSD, on its derivatives platform.

While the exchange is preparing for the launch of its token, the company still does not seem comfortable with the state of the market. Earlier this month, Bitmex decided to reduce its headcount as part of a strategy to move away from the company’s “beyond derivatives” model.

“We are changing our Beyond Derivatives strategy and will be bringing back much of our focus with the goal of providing the crypto derivatives trading experience that people will turn to,” Bitmex stated. The company added: “We are going to refocus on liquidity, latencies and a vibrant derivatives community, including BMEX token trading.”

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