Bitrue, a top 50 cryptocurrency exchange per CoinMarketCap, have launched an investment management project combining the three vehicles of staking, yield farming and quantitative trading.
The project is launched in conjunction with a new asset management token, BMAX. This will be separate to the Bitrue Coin (BTR), with the initial distribution of BMAX done via airdrop to BTR holders. There will be buybacks at least three times per quarter, with other distributions going forward occurring only via Yield Farming pools. The token is entirely community owned, with the team or investors not receiving any allocation.
If BTR is the governance token, BMAX can be viewed as the rewards token. While separate, therefore, both are still intertwined. BTR will, for example, define the governance of the BMAX token.
It’s a neat project by the exchange, and one I was curious to find out more about. I interviewed Adam O’Neill, Chief Marketing Officer, to get answers to some things I was wondering.
CoinJournal: As part of your announcement, you say that “by utilizing BMAX as a reward token we will be eliminating the problems currently present in staking and DeFi rewards programs, such as the risks of theft” – can you please elaborate on this?
Adam O’Neill, Chief Marketing Officer: Existing DeFi protocols usually rely on synthetic assets which investors then will have to reinvest manually on their own.
Most of the time, this involves the users having to move funds from one platform to another, which can be dangerous as it leaves a lot of open windows for potential scammers and hijackers. In the past, there have been many cases involving fake websites and rug pulls.
This cannot possibly happen with BMAX, as investments are
