A Bittrex Global exchange token is set to be launched in the market in June. Though details of the launch are scanty, the once high profile exchange is trying to recapture its market share that has been diminishing. The launch will see the platform join other exchanges that have their native tokens.
Photo source: Twitter
There is a lot of realignment in the industry with some exchanges hiring additional staff while others are expanding their networks to new markets. For Bittrex Global, it appears they have chosen to launch a token. This will increase their global visibility as they seek to regain their lost glory.
Bittrex Global exchange token new listing
The Bittrex Global exchange token, however, will not be open to the U.S. customers. Bittrex’s performance has not been up to par especially the last two years. Though the Bittrex Global brand started operation in 2019, it has partnered the Bittrex International and rides on its underlying technology as well.
Bittrex Global chose to operate from Liechtenstein since U.S. based crypto exchanges do not have their own token offerings. The U.S. Securities and Exchange Commission (SEC) regulations prohibit single business token. Exchanges are required to prove that their tokens fall under securities.
Bittrex Global exchange token to boost adoption
The once-flourishing exchange has watched is popularity continues to diminish the past two years. However, the Bittrex global exchange listing might see new onboarding. Its market share has been experiencing a downtrend especially last year when it commanded a paltry one percent of the exchange market.
The entry into the token economy will see the platform compete with other high profile exchanges that have their native tokens. Some of these exchanges include tokens like Binance token, Huobi token, KuCoin shares and OKB from Binance, Huobi, KuCoin, and OKeX exchanges respectively. However, it remains to be seen whether it will match the discounts the competition is offering their customers.