The Bitex Coin, with symbol XBX, is a utility token that will be used by participants of the Bitex crypto-banking platform to pay for service provided by Bitex.
XBX will be used for paying the fees on all transactions within the Bitex ecosystem. Every transaction that occurs on EZBitex will incur a fee (unless a user holds more than 1,000,000 XBX tokens, then there are no transaction fees). Fee-incurring transactions on the EZBitex platform include conversion between a fiat currency and a cryptocurrency, between pairs of cryptocurrencies, payments (by the seller) for B2C purchases, and cryptocurrency transfers (by the sender).
Every exchange between a fiat currency and a cryptocurrency also requires that an amount of XBX corresponding to 0.55% of the transaction amount is “burnt” and removed from the total amount of XBX in circulation. For all other fee-incurring transactions, the fee will be paid with a user’s XBX tokens.