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.

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

1xBit Guide: Crypto Sportsbook & Casino

The casino and sportsbook industry continues to witness an increase in the number of platforms within the space. This creates a challenge of identifying the best and most reliable sportsbooks that will offer you the most impressive services. In this guide, 1xBit shall be reviewed in terms of its service offerings and unique features that […]

11 January, 2022

XBE Community Launches a $500k Bug Bounty

Decentralized technology is built to attract the smartest and brightest brains from all over the world to work towards a common goal: free and fair financial systems. Despite the uncertainties surrounding future laws, DeFi protocols are rapidly adapting and growing to provide new ways for individuals to obtain more value from their money. And this […]

28 December, 2021

11 Biggest Sponsorships Deals for the Crypto Market in 2022

The global sports industry is looking to revamp its activities and recover from the after-shocks of the COVID-19 pandemic. Cryptocurrency platforms on the other hand have enjoyed immense growth and are searching for big platforms that can provide better brand visibility. That’s where sports and crypto make a perfect match with many global sports organizations […]

1 December, 2021

ChangeNOW Unveils a New Cashback Feature

ChangeNow offers crypto users smooth exchanges and doesn’t stop there. The exchange platform provides registered users a chance to profit from crypto swaps with cashback in NOW tokens through the ChangeNOW website. The cryptocurrency exchange and processing platform offer you an effortless way to turn your traffic into profit and boost your crypto journey. The […]

15 November, 2021

Celsius Casino is Raising the Temperatures with a Voluminous Game Lobby

Celsius Casino has become a go-to gaming destination for casino fans looking for an action-packed online gaming platform. The online casino boasts a robust game catalogue with over 4,000 games. The extensive game portfolio caters to Slots, Table Games, and Live Casino fanatics and is powered by well-known providers such as Evolution Gaming, NetEnt, and […]

9 November, 2021

ChangeNOW Has Announced the Release of its Own Digital Wallet

Limitless and swift crypto exchange platform ChangeNOW has released its own non-custodial NOW Wallet, facilitating fiat to crypto purchases and reliable crypto transactions from the comfort of a mobile phone. NOW Wallet is available in beta version for both iOS and Android devices and allows users to transact with over 20,000 currency pairs, regardless of […]

29 October, 2021

BitPanda Enhances Its BEST Rewards Programme

The EU-based cryptocurrency exchange, BitPanda, has improved its loyalty programme, BEST Rewards. It is now providing owners of its BitPanda EcoSystem Token (BEST) an additional 12% in potential revenue each year. Every registered BitPanda user who has BEST in his or her wallet and carries out at least one monthly trade will be eligible for […]

25 October, 2021

ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021