BitPanda Announce Details of First Native Coin Burn

BitPanda Announce Details of First Native Coin Burn

BitPanda yesterday announced the date for the first scheduled burn for their native token, BEST, and have hinted at some new features that will soon be implemented on the token.

The news of this first burn has come as somewhat of a surprise because the date for the first token burn was previously earmarked for April. However, the decision was taken, according to the platform, due to the “high expectations” the traders of their platform have for 2020, signalled to them by the fact that more users than expected were already using BEST on a daily basis – owing perhaps to the 25% discount they receive on fees when they use the token.

The reason the number of daily users was relevant in regards to bringing forward the date stems from the fact that the number of tokens that will be burnt consists of those accumulated through BEST and used for trading premiums on their core platform and the Bitpanda Global Exchange. Due to the large numbers of users that had been using the token already for this they already have enough to conduct the burn.

As such, they thought it pertinent to move the date forward in order to “take the first step towards our global growth strategy for BEST and Bitpanda.” As such, the date has now been set for next week. Specifically, January 30th, 2020 at 2:00 pm. On this date, at least 25% of this amount from the trading premiums will be burnt.

Future Burns

In terms of the next step, as was previously stated in the whitepaper, they will conduct quarterly burns every last Thursday. As such, a burn will still happen in April, but this will be the second as opposed to the first. After this time, there will another burn (the 3rD) in July, followed by another 3 months later in October, and so on.

BitPanda, in fact, has outlined plans for quarterly burns to happen up until 18 months into the future with a date pencilled in for a burn October 2021. The current goal at the moment though is to reduce the supply of BEST until 50% of BEST is destroyed as they attempt to limit the circulation – with the reasoning behind this being that the fewer there are, the higher their value of each.

Due to the popularity that BEST tokens already seem to have generated signalled by these updated first burn dates, then the exact timeline could also see larger changes in the future. And so, that 50% goal could be reached earlier than expected but time will tell. Other news from the platform that may contribute to his is the promise from Bitpanda of more features that will be attached to the tokens in the near future.

Exactly what these will long like is not yet clear, but it is said that they will be using BEST as a focal point for their future endeavours and updates on the platform. At the current moment in time, the platform isn’t giving much away. So far they have only said that “we will further establish BEST as the fuel of the Bitpanda ecosystem. This means that we will make heavy use of BEST in upcoming products and features.” In the meantime, we will just have to wait.

In other BitPanda expansion news, last week saw the appointment of Chief Legal Officer. Upon his appointment, both he and a CEO of BitPanda both had a keen focus on growth. As such, it seems that the BitPanda mission in 2020 is very much focused on expansion and we are very excited to see how their growth will look like in the weeks and months to come.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


Cryptocurrency Market Cap Jumps Past $2 Trillion

Cryptocurrencies continue to make headline news around the world as the total market cap surpassed $2 trillion on Monday. Supported by increased interest from institutional investors, celebrities, and retail investors, digital coins are now worth more than Apple Inc. Bitcoin has, once again, played a major role in the sector’s market cap. The world’s first […]

6 April, 2021
Digital Currency,Ethereum,Stablecoin

VISA Set To Support Cryptocurrency Settlements

The global payments corporation, VISA, announced on Monday that it is making preparations to allow USD Coin (USDC) to settle transactions within its network. This move is being viewed by industry analysts as yet another clear sign that cryptocurrencies are being accepted by major institutions within the traditional financial industry. USDC was selected by VISA […]

30 March, 2021

CasinoFair Temporarily Shuts Down Amid Network Congestion

The popular cryptocurrency casino, CasinoFair, has announced in a recent blog post that it will be temporarily stopping its gaming services. Citing unsustainable congestion on the Ethereum network as the main reason for this pause, the casino reassured its players that it is “actively researching solutions and hope to be back with a new range […]

26 March, 2021

Significant Bitcoin Drops As Coinbase Announces IPO

The cryptocurrency market is back in turmoil following yet another volatile week where Bitcoin almost reached a record-breaking value of $60,000. Bitcoin drops are nothing new, but the recent 25% decrease has caused panic amongst even traders with an experience of major currency fluctuations. The latest drop comes as Coinbase, one of the world’s largest […]

1 March, 2021

Trezor Warns Users About Fake Mobile App

Trezor is warning users of a malicious mobile application featured on Google Play which appears to be associated with the wallet provider. At least 1,000 users have already downloaded this software, and it is likely that some have unwittingly provided their seed phrase to unlock their funds. Both Trezor and SatoshiLabs have confirmed the existence […]

26 January, 2021

eToro Temporarily Raises Minimum Deposit To $1,000

For the past few weeks, the increase in Bitcoin’s price has led to a massive interest in cryptocurrency trading. eToro has been overwhelmed by new registrations and has decided to temporarily raise the minimum deposit from $200 to $1,000. Although 2021 has barely gotten started, it promises to be an exciting time to invest in […]

11 January, 2021

Global Cryptocurrency Market Value Surpasses $1 Trillion

Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark. Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token […]

10 January, 2021

Victory over virus: SiGMA Virtual Expo hosts 100+ exhibitors

SiGMA Europe and AIBC Virtual Expos launch with record breaking attendance, providing a cure to the industry’s events sector In the light of this year’s changes in our everyday lives, SiGMA was close to having to stop doing what it does best; creating networks for people through the company’s iconic physical events, but luckily, the […]

26 November, 2020