Ottawa, Ontario–(Newsfile Corp. – February 8, 2022) – BIT Token announces a burn and payment of dividends to holders. The Biconomy Exchange is a Canadian-registered digital asset exchange that has been on the market since 2019. The exchange has a SMB license for the US and Canadian markets, headquarters in Ottawa, with offices in the UK, South Korea, Japan, and Russia. The exchange has more than 300k registered users and more than 200k active members of the community. In September 2021, to implement a new round of development, the exchange launched its native BIT token, which serves as a tool to attract the community, new users of the exchange, and also provides unique rights and bonuses for BIT token holders.
On January 31, 2022, the first manual burning of BIT tokens took place, the plan of which is written in the whitepaper of the token. According to it, every quarter the exchange will spend 50% of the profits from commissions on the redemption and burning of its own token. As a result of the first burn, 2% of the total number of tokens were burned, and the amount of burning was 20 Billion tokens – in the amount of $600,000 at the token exchange rate at the time of burning.
The BIT token is a unique exchange token, in its architecture it also has a deflationary model – according to it, there is a 6% tax, 4% goes to burning, and 2% is distributed to all wallets. As a result, more than 20% of the total number of tokens have already been burned using this model in 5 months. Manual burning of BIT tokens also has a positive effect on the economic model of the token and its development.
In addition, the uniqueness of the Biconomy exchange lies in the fact that it pays dividends in USDT to holders of its native BIT token. On February 7, these dividends were paid out and all users who stored BIT tokens on the exchange received + 5% profit in USDT to the amount of their BIT tokens in hold. These dividends are also paid out of the profits of the exchange and also quarterly.
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