Cryptocurrency exchange Bitex launches Ethereum -based utility token

Mumbai and Dubai headquartered cryptocurrency exchange Bitex on Wednesday launched its own utility token – Bitex Coin (BTX)-- to trade on the exchange and make payments at a lower fee. With a limited supply of 1 billion tokens to be issued by Global Cryptocurrency Exchange, 20%  will be available for public sale through an Initial Exchange Offering (IEO).

The token will be available at a face value of Rs 10 during a pre-sale till June 1. BTX will list on Bitex exchange on June 4 and a second round of the public sale will begin on July 4.   

The Ethereum based utility token, the company says, will address key hurdles in the crypto exchange space such as high fiat deposit/withdrawal fee, custody of fiat funds and delays in fiat withdrawal process.  

“A significant interest in cryptocurrencies has been observed since last year across India and around the world. Yet despite the mainstreaming of the digital asset, it continues to be concentrated among few investors and mass adoption is still at the periphery owing to several systematic challenges ranging withdrawal/ deposit time, banking related delays among many others,” Monark Modi, founder and CEO said in a statement.

“BTX is our endeavour towards removing the current imbalance in the cryptocurrency ecosystem by giving regular retail investors a chance to be part of the cryptocurrency ecosystem without facing these hurdles. We are unlocking the future of crypto payments with our utility token,” Modi added.

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BTX has been created as a decentralised asset based on Ethereum. The token can be used on exchanges, crypto credit cards payments, payments processing, traveling bookings, entertainment, investment, loans & transfers in future.  

Some of the benefits of the utility token include zero trade fee on BTX trading pairs, 50% trading fee discount for other cryptocurrencies and to pay fee or interest on amount borrowed for margin trading.  

BTX benefits will also extend to bounty programs, trading competition rewards, staking rewards, exchange listing and investment rewards, promotion campaigns, token burning and investor returns.