The cryptocurrency exchange Bittrex will launch its own token in June this year and now, it is a major topic in the coming altcoin news. Obviously, the move will see the exchange aiming at regaining market share from its competitors including Binance and Huobi, and is yet another crypto exchange which is set to launch its own token.
In the case of Binance, this played out well as Binance Coin (BNB) has been gaining a lot of traction and is among the 10 largest coins by market cap.
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Announced via Twitter on Tuesday, the Lichtenstein-based cryptocurrency exchange Bittrex Global said that the “Bittrex Global Exchange Token” is ready to be listed on the platform in June.
— Bittrex Global (@BittrexGlobal) May 5, 2020
The coin will be available for users globally with the exception of US residents. Other than that, however, details show that there is not much information about the new token – or anything related to its potential use cases or benefits of holding it.
Bittrex declined to comment any further as they are “unable to disclose more info at this point.” However, a new exchange token from Bittrex Global would join the ranks of other tokens issued by exchanges all around the world. Binance Coin (BNB) and Huobi Token (HT) are great examples for some of the most prominent coins issued by exchanges so far.
As BNB holders can testify, the token has been massively profitable for early buyers. It rose from $0.1 in mid-2017 to a price of nearly $17 today. However, BNB is down by 25% in a year, while the Huobi Token (HT) is up by 73% in the same period of time.
Therefore, the coin issued by Bittrex Global can have the same fate as the Binance Coin news, which showed plenty of profits for investors who were smart to invest early.
As soon as Bittrex shared the news, criticism started to pour in from the community, with many people saying why has it taken the exchange so long to come up with a token
“Getting desperate for other sources of income after volume dried up?,” one Twitter user asked, while suggesting that the exchange should instead look for “great coins for listing free of charge.”
The reactions on Twitter made the investor Su Zhu, whose company is Three Arrows Capital, to step in and also become “surprised” by the announcement. He just commented “wut” in response to the news shared by Bittrex.
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