A Public Letter to BitMax.io (BTMX.io) Global Community
Dear BitMax.io (BTMX.io) users:
Since our launch last August, the BitMax team has been working tirelessly around the clock to build out our platform, improve our customer service, and launch innovative products as well as quality listing across wide spectrum of blockchain industry. Recently we have been stepping up our global effort to drive expansion beyond the trading space with the recent launch of a blockchain-focused incubator fund, B-Tech, and the strategic partnership with UltrAlpha, a professional digit asset management service platform.
With BitMax.io’s one-year birthday around the corner, we concluded a holistic business strategy review and decided to discontinue the combined “Transaction-Mining & Reverse-Mining” mechanism.
As part of initial platform ecosystem buildout, this transaction-based mining module was introduced in November 2018 in order to attract liquidity and accelerate customer acquisition — especially during the rough market condition at the launch. This unique trading mechanism has been instrumental to the design and development of BTMX token economics, which many of you found very attractive. After ten months, I am very proud to announce that mining has accomplished its strategic mission.
For regular platform users, there will be no impact on day-to-day cash or margin trading, as transaction fees will be charged based on regular trading fee schedule. A VIP program with a tiered fee structure will be introduced very soon, so please stay tuned. As for BTMX token holders, all current use cases will continue and potentially evolve with future platform development.
Another critical implementation aspect of this decision is to have all the pending mining portion of BTMX subject to permanent lock-up. Rather than having all BTMX mined and subsequently released to the market, the discontinuing of mining would provide more effective support for BTMX by reducing circulation with limited supply while the utility increases. In sum, BTMX token holders should see the benefit over longer term.
Many of you are long-time supporters and users of our platform from day one. As a result, you have seen how much we have grown and how we strive to differentiate ourselves from the rest of industry with our unique token economics and rigorous product innovation. We are deeply grateful for all the great support and feedback you’ve given to us over the past year.
Our dedicated team, Ariel and I love our job. We are looking forward to the new chapter of our exciting journey with your continuous support. The best is yet to come!
George Cao, CEO, along with Ariel Ling, COO, and entire BitMax.io team
September 11, 2019