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.

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