Similar to what many cryptocurrency exchanges have done by launching their cryptocurrencies and using them as a tool on the platform to cut fees, enter subscriptions and other various functions, Bittrex intends to go the same way and regain its share in the crypto market and enter the competition.

and that is through Advertising On Tuesday afternoon, Liechtenstein-based Bittrex Global announced that it was preparing to list its own coin, which will bear the name:

“Bittrex Global Exchange Token” and its code could be as follows “BGET”.

The launch of the new currency, according to the announcement, will be in the month of June.

The currency will be available to users globally except for residents of the USA.

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Not many details have emerged about the new currency expected to be launched next month, as there is no information about use cases, benefits of holding the currency and other possible uses.

Bittrex declined to comment further, stating that it is unable to disclose more information at this point.

The new exchange token from Bittrex Global will join the ranks of other tokens issued by exchanges around the world, such as Binance’s BNB and Huobi’s HT.

The question now is whether the new token issued by Bittrex will be as profitable as the BNB token, which was launched at $0.1 in mid-2017, is currently valued at $17.

Bittrex Global relocated to Liechtenstein only recently exactly in October 2019 to take advantage of the more crypto-friendly regulations that this country has to offer.

Immediately after Bittrex announced the launch of its coin, a torrent of crowd criticism poured in to the platform wondering why all this delay, and what was the motivation behind creating a new token now.

As one user asked on Twitter, he said:

Have you become desperate for other sources of income after trading volume has dried up?

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While the same user suggested that she should look for good digital currencies to be included on the platform for free.

Su Zhu, CEO of Three Arrows Capital, an investor in trading platform Deribit, also published a post in which he appears to be surprised by Bittrex’s latest announcement.

wt

– Su Zhu (zhusu) May 6, 2020

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According to data from Coinpaprika.com, the trading volume of the Bittrex platform has decreased from what it was before, as the image below shows:

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