The founder of Swipe (SXP), Joselito Lizarondo who also doubles as the founder of a lending protocol on the Binance Smart Chain network; Venus has just revealed he burnt his allocated SXP tokens in a blog. The allocation he burnt was about 60 million SXP tokens and are worth over $200 million dollars. This reduced the total supply of the token by 17.5%.
About last year, the founder was said to have burnt about 10 million SXP tokens with about $229 million dollars SXP tokens remaining. The chief executive revealed that his earnings from the company is in SXP and he holds the tokens. He also noted that the any SXP token earned from now henceforth will be kept in the company’s balance sheet for a very long time.
With a goal of reducing the supply of SXP to only 100 million, the total supply has reduced by 17.5% with the recent burn of the founder’s allocated tokens. The current supply of the coin is at 239 million SXP tokens according to the data from CMC. Lizarondo further states that the decision is beneficiary to SXP investors as well as holders;
“This benefits the Swipe token holders from a scarcity point of view and lets me focus on my health and working with the team to push our products successfully.”
SXP to release Swipe V2
Swipe’s version 2 launch is in the works already and this will be the final version according to the founder. The V2 will create a bridge between commerce and crypto as well as for its business partners to be paid in SXP tokens. It aims to create a completely decentralized cross-chain Automated Market Maker (AMM) that is powered by SXP. SwipeChain Network is as well governed by the SXP token and its current trading price is at $4.35.
Crypto Exchange Binance Might be Investigated for Money Laundering in India
What are shitcoins? Watch this Video to learn
Appealing to Regulators, Binance launches a Tax Reporting Tool
Leaving China, Crypto Exchanges Cancels Most of their Chinese Businesses
Patricia sponsors Big Brother Naija the 2nd time after recording 13k Users in 12 Hours
Yes! Bitcoin at $38k, See Why they Say It Has A Mind of its Own
The CBDC will lower the cost of doing business – CBN
Nigeria’s CBDC to Run on Hyperlegder Fabric
NatWest Suspends Payments to Binance
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
Hedge Trading on OKEx
Trading cryptocurrency seems cumbersome to new traders, especially those new to the crypto space. There have been a lot of...
The Chances of BTC Dropping to 40k Is Slim – Prateek Suri
The founder and Chief Executive Officer of the Maser group, Prateek Suri joined Tony Obiajuru this morning, 15th March, 2021...
Binance Smart Chain; CeFi or DeFi?
The controversy around whether or not the Binance Smart Chain is centralized or decentralized was cleared on the Inside Blockchain...
How Earnathon is Making Crypto Adoption Easier
Earnathon is making cryptocurrency education and adoption easier with its unique learn and earn platform. It’s no news that the...
NaijaCrypto CEO Says CBN Cannot Ban Cryptocurrency Trading
The Chief Executive Officer of NaijaCrypto, Chiagozie Iwu has said on the Inside Blockchain Show powered by CryptoTVPlus that the...