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BitMart’s Mission X: Over 9 Million BMX Funded on the First Day

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by Darya Rudz · 4 min read
BitMart’s Mission X: Over 9 Million BMX Funded on the First Day
Photo: BitMart / Facebook

BitMart has launched Mission X program as a democratic, fair, transparent, and efficient trading platform for promising projects. On the first day of launch, Mission X raised over 9 million BMX.

BitMart Exchange, a premier global digital asset trading platform, has officially launched a new program for fair distribution of funds and profits to promising projects and community-driven initiatives. The program, called Mission X: The Community Listing Market,  has been developed with the aim to introduce a democratic and community-driven fundraising model. On the first day of launch, the project raised over 9 million BMX (tokens of BitMart Exchange).

BitMart Exchange is a digital asset trading platform launched in 2017. Headquartered in the Cayman Islands, featuring branch offices in the United States, China, and South Korea, BitMart currently offers crypto-to-crypto trading for coins and utility tokens only. BitMart is aiming at taking cryptocurrency trading to new heights by providing future contract trading, over-the-counter trading, whole-network trading, and decentralized trading. BitMart also plans to create an incubator to offer technical, financial, and marketing solutions for traditional businesses to help them achieve digital capitalization. With over 450,000 users worldwide, BitMart has a global team with extensive industry experience from all over the world including the United States, Russia, South Korea, Singapore, Japan and Hong Kong. BitMart’s daily trading volume is between $30,000,000 and $40,000,000 USD.

BitMart token (BMX) is an ERC-20 based token issued by BitMart Exchange. BMX features a repurchase mechanism, which means that the BitMart team will take out 20% of the income earned from trading fees each month to repurchase BMX. All repurchased BMX will then be destroyed, with repurchase records released by BitMart immediately to ensure transparency. This mechanism will stop when only 500 million BMX are left. The first BMX burn has completed at the end of July, and the next round will take place at the end of August.

On July 13th, BMX was listed on CoinMarketCap with a price of $0.0542 USD which greatly improved the exposure of BMX. The current price of BMX makes up $0,0482, according to CoinMarketCap.

The new project Mission X has been created to overcome such challenges as a lack of funding, liquidity, community awareness, and traction. Investors usually seek out projects in their ICO stage and hope that the project will be a success and give them a high return on their investment. However, in many cases these projects fail to be listed on a major exchange and never provide investors the returns that they were looking for. That does not mean ICOs are not important to the world of cryptocurrency and blockchain, but they are not enough. That is why BitMart has found another solution and developed a new way for both projects and investors to benefit from with Mission X: The Community Listing Market.

With Mission X, projects will be able to raise the money necessary for listing in the Investment Lab in the form of BitMart’s token, BMX. When the total investment for a project reaches 1 million BMX the project will be listed on the BMX market as a trading pair for BMX. Additionally, trading pairs on the BMX market will have a 0.1% trading fee, which will be rewarded to investors on a daily basis. BitMart will also raise the investment cap to 5 million BMX for projects in the first 3 days of each month following listing on the BMX market, which will allow users to capitalize event further on their return on investment.

Founder and CEO of BitMart Sheldon Xia believes that with Mission X and the community listing market, BitMart can leverage its user base and popularity to introduce a democratic and community-driven fundraising model. He said:

“Because it supports ERC-20, NEP 5, and Stellar-compatible smart contracts, anyone who wants to create a blockchain project using Ether, NEO, or Stellar can participate in the program. Projects are listed for the community to review and assess, and users can support the projects they like by investing in them using BMX, BitMart’s native token. The required limit for investment is 1 million BMX.”

He added:

“This program gives users the ability to decide which projects users want to be listed on the exchange, creating a self-regulated market. It also allows projects newly out of their ICO stage to obtain listing on a major exchange early in their development path, spurring growth and innovation for blockchain technology.”

Thus, with Mission X, BitMart promises to deliver a democratic, fair, transparent, and efficient trading platform for projects, as well as all of the right tools, funds, and exposure needed to deliver solutions of value to the world.

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