Crypterium, one of the largest cryptocurrency-based banking services, has announced that it will be burning 30% of its total CRPT token supply, starting from the current month of July.
Burning Since 2019
CRPT token burning brings in a whole new era of financial wealth for the public. As the tokens burn, the total supply in circulation drops. The supply shock will overall increase the value of the remaining CRPT, a boon for its holders.
The rate of token burn has been linked by the Crypterium non-stop team with its transactional volume. A small amount, (0.5% of every transaction fee) is burnt according to the bank’s system. As one of the largest crypto banks, its services are not only expanding, but the user base is also increasing. As more and more people join the banking service, the transactions increase within the network and further fuel the burning process.
Crypterium has been burning its CRPT token for the last 2 years non stop. At the start, the burning rate was around 10,000 CRPT per month. With the current transaction volume, Crypterium has already burnt 800,000 tokens in this year alone. If the current trend continues, the bank is set to burn a whopping 30% of its total supply of 98 million CRPT by the next 2 years.
Why Do it?
Token burning is a concept that is not new in the crypto industry. The process typically involves sending the tokens to a wallet that is essentially frozen. This means that the private key of the wallet, the password used to access the funds, does not exist. Any tokens sent to the address are, therefore, not recoverable and therefore, burnt out of the ecosystem.
While many cryptocurrencies are already deflationary in nature (there is a finite supply and the more adopted, the higher the demand gets), burning tokens can accelerate the price increase of the token by making it scarce.
Crypterium already has linked the burning within every transaction, but intends to do a traditional market buy back, where it will purchase CRPT within the market and then subject the tokens to burn, further drastically reducing the supply in the market, as per Austin Kimm, the COO of Crypterium,
“...we’re planning to redeem tokens from the market for burning purposes. We are confident that increasing CRPT burning speed will have a positive impact on our ecosystem.”
Crypterium team also welcomes all crypto communities, and CRPT holders to contribute to the Crypterium ecosystem development by burning their own tokens by sending them to the dedicated address until the 10th of July.
Every Day Crypto Transactions
Crypterium is a crypto bank that is making spending and using cryptocurrencies as easy as fiat. The banking platform offers a wide range of services that any traditional retail bank does:
- Send and Recieve: Instant, no commission transfer to anyone around the world.
- Exchange: Buy, sell or trade favorite cryptos from a single platform with the best rates
- Earn: Crypterium offers the 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 powered crypto debit card that can be swiped at any merchant.
Crypto banks have gained traction in the last few years as they offer the convenience of traditional retail banking and at the same time leverage blockchain and cryptocurrencies to offer lower interest rates and higher savings as they significantly cut down on expenses.
Without any brick and mortar existence, Crypterium is available to users on mobile (Android and iOS), web, and desktop, enabling banking freedom that they truly deserve. The crypto bank has grown to be one of the largest of its kind, with more than half a million users from 170+ countries.