October 19th, 2019, BitMax.io (BTMX.io), a leading digital asset trading platform, successfully hosted its first-year anniversary celebration in Beijing, China. Over the last 400 days, BitMax team has been working tirelessly around the clock to build out the platform, improve its customer service, and launch innovative products as well as quality listing across a wide spectrum of blockchain industry. It is a remarkable milestone. During this celebratory event, BitMax made four strategic announcements regarding the launch of BTMX investment product, new smart contract solution for BTMX, enhanced tiered fee structure with introduction of rebate program, and new phase of strategic collaboration with FTX.com on cross-listing, FTX.com to list BTMX token and BitMax to list four ERC20 leverage tokens from FTX.com. Those significant business initiatives are further driving the momentum of its transition into a next phase of platform growth and BTMX ecosystem expansion.
Launch of BTMX Investment Product
To strengthen the BitMax ecosystem with a simplified token economic model, the platform will launch BTMX Investment Product under current offering of BitTreasure at 10:00 a.m. EDT on October 22nd, 2019. As a result, the original Data Usage Reward Distribution mechanism will be converted to BTMX Investment Product. Therefore, users can share the platform distribution pool proportionally per their subscription quota.
As part of product launch, original Reward Distribution Multiple Card will be converted to BTMX Investment Multiple Card under either BitTreasure section or My Asset section.
Please check the official announcement here for details.
New Smart Contract Solution for BTMX
To further enhance platform transparency, BitMax.io will implement a new smart contract solution for BTMX and introduce BTMX Souvenir Token (BTMXS), representing BTMX permanent lock-up token through smart contract solution, at 2:00 a.m. EDT, on October 23rd, 2019.
As part of implementation, BitMax.io will temporarily suspend deposit and withdrawal function of BTMX at 2:00 a.m. EDT, on October 23rd, 2019. Please deposit BTMX from external wallet to our platform wallet by 2:00 a.m. EDT on October 23rd. All tokens will be automatically converted to new smart contract of BTMX. Upon completion, BTMX deposit & withdrawal will be resumed but only under the new smart contract solution.
Please check the official announcement here for details.
New VIP Fee & Rebate Structure
BitMax.io will implement a new tiered VIP transaction fee & rebate structure for both traders and BTMX holders within the BitMax.io ecosystem, 10:00 a.m. EDT, October 23rd, 2019. The new structure will allow customers to receive up to a 2.5 bps (0.025%) rebate for providing liquidity (“maker”) and pay as little as a 1.5 bps (0.015%) fee for taking liquidity (“taker”) on the platform.
BitMax.io’s new tiered VIP fee & rebate structure seeks to foster a more robust and mature marketplace by encouraging deep liquidity and tight spreads between different trading counterparties, while still maintains the ultra-low transaction fee in the industry. It further evolves the utility of BitMax.io’s platform token, BTMX, by offering token holders attractive marketplace advantages. Also, for the first time, BitMax introduced the “rebate” program for the traders with both top trading volumes and major BTMX holding, another major step forward for accelerated liquidity aggregation.
Also, BitMax will launch “One-Month Discount Rate Trial for Non-BitMax.io Users” Event: VIP users of other platforms who meet the criteria of “trailing 30-day trade volume” under BitMax.io’s new tiered VIP fee & rebate structure will be eligible for one-month trial of fee discounts per their corresponding VIP levels. After one-month trial period, users can have trading fee discounts based on their actual trading volume.
Please check official announcement here for details.
New Phase of Strategic Partnership between BitMax.io and FTX.com
After listing the platform token of FTX Exchange, FTT, in July, BitMax has entered into a new phase of strategic collaboration with FTX Exchange (FTX.com) with listing four leveraged ERC20 tokens under the trading pairs of BTCBULL/USDT (a 3X long BTC token), BTCBEAR/USDT (a 3X short BTC token), XRPBULL/USDT (a 3X long XRP token) and XRPBEAR/USDT (a 3X short XRP token).
In the meantime, FTX.com will offer spot market trading of BTMX token as well as futures trading of BTMX on perpetual and quarterly settled markets. Additionally, FTX.com will enable access to BTMX via its over-the-counter (“OTC”) trading portal.
The strategic collaboration with FTX is the critical part of BTMX ecosystem expansion especially with the listing of BTMX token on FTX.com, as this will be the first exchange to list BTMX token outside the BitMax platform. Overall, this partnership would enhance the liquidity and trading depths of both BTMX token and ERC20 leveraged tokens for BTMX holders and traders on the two platforms. This is another industry example of “win-win” collaboration.
Please check the official announcement here for details.
