Announced on Twitter on Tuesday, the crypto exchange Bittrex Global , based in Lichtenstein, said that its "Bittrex Global Exchange Token" should be listed on its platform in June, and that it would be available to users around the world. except US residents.
https://twitter.com/BittrexGlobal2/status/1257740173560950798
Aside from this announcement, details about the new token are scarce, and no information on potential use cases or the benefits of holding the token is yet available. Bittrex declined to make further comments because they are "unable to disclose more information at this time".
The new Bittrex Global token would join the ranks of other tokens issued by exchanges such as Binance Coin (BNB) and Huobi Token (HT) tokens. The BNB token, for example, has been massively profitable for first-time buyers, going from 0.1 USD in mid-2017 to almost 17 USD today. However, the BNB lost 25% in one year, while HT increased by 73% over the same period.
A subsidiary of the American exchange Bittrex, Bittrex Global was created in Lichtenstein in October 2019 to take advantage of the more favorable crypto regulations in force in the principality of Central Europe.
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Immediately after sharing the news, the community started to criticize, with many wondering why the stock market took so long to come up with a token and what motivated the company to create a new token.
"A Twitter user questioned the need to find other sources of income after the volume has dried up, while suggesting that the exchange should rather seek" good cryptocurrencies to be sold for free ".
Su Zhu, whose company Three Arrows Capital is an investor in the Deribit crypto derivatives exchange, also seemed surprised by this announcement:
The volume of trade over 24 hours (10:04 UTC) amounts to 42.6 million dollars, according to data from Coinpaprika.com.
Bittrex trading volume
Bittrex cryptocurrency exchange expected to launch its own token in June 102
Source: coinpaprika.com
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