By
Bena Ilyas
April 10th, 2024
Hoeptner noted that institutional adoption of cryptocurrencies has not been affected by adverse market conditions.
BitMEX CEO Alexander Hoeptner has noted that the firm may finally launch its exchange token by the end of the year. Hoeptner stated this during his interview at the Singapore Token2049 conference.
Citing market conditions, Hoeptner noted that adverse conditions can drain the token’s potential if it is launched at the wrong time. Further, he stated that the team was monitoring the market direction to determine the specific launch date.
BitMEX airdropped 1.5 million BMEX tokens to its community earlier in January. The token provides a way to reward old and new users with discounts on trading fees. Also, BMEX holders will enjoy early access to the BitMEX Academy and other privileges.
Token Launch Depends on Market Conditions
While staking started in February, the exchange first noted the less-than-ideal market conditions in July when it postponed the token launch. It said:
“We want to list the token in an environment that gives it the best chance to reward you, its holders.”
Launching at the wrong time, Hoeptner said, will detract the token holders from any significant strides the company may be making. Instead, it will focus their attention instead on declining prices.
Since postponing the launch, BitMEX has continued to airdrop more tokens, onboarding new users. Existing users also have a chance to accrue more tokens.
In a company announcement, BitMEX noted it hopes to hit this milestone soon. The statement read:
“As we look to the future, listing BMEX on our spot exchange remains our top priority and we hope to celebrate this milestone with you soon.”
Market Not Stopping Institutions
Meanwhile, Hoeptner noted that institutional adoption of cryptocurrencies has not been affected by adverse market conditions. This is in line with a recent Ripple survey which stated that three-quarters of institutions may use crypto in 3 years.
Historically, players in the finance industry have often used bear markets to innovate. Bear markets allow these institutions time to test their innovations. Thus, while retail activity is at its lowest, more institutional investors are buying and holding assets.
“I think that the institutions are making themselves ready now to provide the services and retail will come back and push it up again,” said Hoeptner.