Crypterium, one of the largest cryptocurrency-based banking services, announced it will burn down 30% of its total supply of CRPT tokens, from the current month of July.
Burning since 2019
Burning CRPT tokens ushers in a whole new era of financial wealth for the public. As the tokens burn, the total reserve in circulation decreases. The supply shock will increase the overall value of the remaining CRPT, a boon for its holders.
The symbolic burn rate was linked by the Crypteria non-stop team with its transaction volume. A small amount (0.5% of each transaction fee) is burned according to the bank’s system. As one of the largest crypto banks, its services are not only expanding, but the user base is growing as well. As more and more people join the banking service, transactions increase within the network and further fuel the burn process.
Crypterium has been burning its CRPT token for 2 years without stopping. Initially, the burn rate was around 10,000 CRPT per month. With the current trading volume, Crypterium has already burned 800,000 tokens this year alone. If the current trend continues, the bank is expected to burn 30% of its total supply of 98 million CRPTs within 2 years.
Why do it?
Burning token is a concept that is not new to the crypto industry. The process usually involves sending the tokens to a wallet which is essentially frozen. This means that the private key to the wallet, the password used to access funds, does not exist. Any tokens sent to the address are therefore not recoverable and therefore, burnt outside the ecosystem.
While many cryptocurrencies are already deflationary in nature (the supply is limited and the more adopted they are, the more demand increases), token burning can accelerate the token’s price increase by making it scarce.
Crypterium has already tied the burn in every trade, but intends to do a traditional market buyout, where it will buy CRPT from the market and then submit the tokens to be burned, further reducing supply in the market, according to Austin. Kimm, the COO of Crypterium,
ââ¦ We are planning to repurchase tokens from the market for engraving purposes. We are convinced that increasing the burning speed of the CRPT will have a positive impact on our ecosystem. “
The Crypterium team also welcomes all crypto communities and CRPT holders to contribute to the development of the Crypterium ecosystem by burning their own tokens by sending them to the dedicated address until July 10.
Daily crypto transactions
Crypteria is a crypto bank it makes spending and using cryptocurrencies as easy as fiat. The banking platform offers a wide range of services that any traditional retail bank offers:
- Send and receive: Instant, no commission transfer to anyone in the world.
- Exchange: Buy, sell or trade your favorite cryptos from one platform with the best prices
- To win: Crypterium offers highest APY savings account for digital currencies
- Interest-free loans: Account Holders Can Get 1% Interest On Fixed USDT Loans
- Debit card: A dedicated Visa– Crypto-powered debit card (NYSE: V) which can be swiped at any merchant.
Crypto banks have gained traction in recent years, as they offer the convenience of traditional retail banking and at the same time leverage blockchain and cryptocurrencies to deliver lower interest rates and higher savings while dramatically reducing costs. expenses.
Without any physical existence, Crypterium is available to mobile (Android and iOS), web, and desktop users, allowing the banking freedom they truly deserve. The crypto bank has grown into one of the largest of its kind, with over half a million users in more than 170 countries.