The largest exchange in Europe WhiteBIT launches its token!
It’s happening! WhiteBIT has announced the initial exchange offering (IEO) of its own native token! The event was anticipated, but now the announcement is official.
On this page
The exchange’s utility token will be deployed on the Ethereum (ERC20) and Tron (TRC20) blockchains under the WBT ticker. The token is a full-fledged infrastructure asset that will be used in all WhiteBIT products. Over time, there will be a migration to its own blockchain. The WhiteBIT team is already working on the development of it.
WBT is expected to become a project platform for tens of thousands of blockchain startups, as well as a reliable and useful asset, the storage of which provides many benefits to WhiteBIT users.
Token holders will have access to premium functionality, improved trading and referral conditions, loyalty bonuses, additional rebate, free ERC20/ETH withdrawals, daily free AML checks, and other features. WBT will be used to provide numerous integrations with new exchange products.
WBT emission is limited to 400 million coins, half of which will be available for purchase. Another 200 million tokens will be locked up for 3 years, with gradual unlocking to create exchange stability funds and for grants aimed at development programs.
Having an exchange token is already a certain standard for the industry. And we’re one of the few exchanges to launch a token in only the fifth year of operation. Our principled position has been to do this not “before” but “after” the creation of a successful self-sustaining business that we are able to scale.
says WhiteBIT CEO Volodymyr Nosov.
Thus, it is emphasized that the token was created not for funding the exchange, which had no need for it for a long time, but for its users. For example, especially for new clients of the exchange, WBT rewards were developed for activity on the platform, participation in trading tournaments and airdrops, formation of a community of influencers within the WhiteBIT community.
Assessing the leading position of the exchange, as well as the army of 3.2 million users, we can talk about the probable rise of a new star in the cryptocurrency market. Looking at the current roadmap, we can conclude that this is also one of the most useful tokens ever issued by exchanges.
A rather balanced and conservative vesting and unlocking policy, which does not allow threats of speculative actions from the team or insiders, and does not provoke excessive inflation of the coin, is pleasing. Deflation will also be facilitated by a token-burning mechanism, which the platform will redeem at market price on a weekly basis.
A private sale through IEO is scheduled for August 14. After that, tokens will be gradually made available for free sale.
Note: WhiteBIT is the largest cryptocurrency exchange in Europe. It meets all international KYC/AML requirements. According to the independent audit Hacken, it is in the top 2 exchanges in the world by security criteria with an AAA rating. The team of exchange employees includes more than 500 specialists.
*The first 1,000,000 WBT were sold within 15 minutes of sales opening on August 14th.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
