China-Based Crypto Exchange Coinex Pays Interest in BCH
Crypto exchange Coinex will pay out long-term dividends, interest, in bitcoin cash (BCH) for coinex token (CET) holders, according to its website announcement. “If your CET holdings are on Coinex, we’ll calculate the dividends into BCH and allocate directly to your accounts,” the company explained.
Coinex to Pay Out Long-Term Interest in Bitcoin Cash
What began as a widely circulated subreddit rumor appears to be confirmed. Cryptocurrency exchange Coinex will be paying out long-term dividends, or interest, in BCH for their CET holders, according to the company’s website.
China-based Coinex, owned by mining giant Bitmain, is a relatively young exchange, offering a range of crypto assets to be traded against the likes of BCH, bitcoin core (BTC), ether (ETH), and tether (USDT). It has a native token, CET, which can be traded against the others as well. Market makers are not charged a fee, while market takers pay a somewhat low 0.10% on trades. Coinex also processes over-the-counter trades and offers referral rewards. They employ a transparent method of token distribution, as all transaction fees collected and how they are distributed are displayed on the site in real-time.
As of the beginning of this month, “Coinex will release ‘Lock & Mine CET’ and execute [the] ‘Long-term dividend allocation plan,’” the company explained. Holding a minimum 10,000 CET is required to receive BCH dividends, and none of the tokens may be acquired through mining – only ‘released’ CET qualify toward the offer. “Coinex will take a snapshot at 0:00 (UTC) everyday and allocate rewards of the previous day according to the snapshot results.”
“To guarantee the sustainable development of CET and interests of CET holders,” Coinex continued, “we decided to release a long-term dividend allocation plan by which CET holders will continue to receive dividends after ‘Trade-driven mining’ ends.” Allocation of BCH will occur monthly, and within seven business days of a new month. As always, that date might vary still depending on exactly when final settlement occurs.
“80% of Coinex’s total revenue will be allocated to CET holders and the remaining 20% is kept for Coinex development and daily operations,” the execution plan detailed. The exchange will also use a significant portion of its revenue to “repurchase CET from the secondary market and allocate to the qualified CET holders proportionately,” and holders can determine their personal ratio by dividing held CET by the total CET in circulation.
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