Blockchain Solution Developer “PundiX” completes Token Burn of 1.2 Billion NPXS Tokens
- 1.2B NPXS, worth approximately $150,000 USD
- Token burn intended to maintain token value over time
https://xangle.io/project/home/NPXS/dashboard?link=wmPKwj
[Jan 14th, 2020] According to crypto disclosure platform Xangle, the Indonesia-based payment platform “PundiX” has completed its 1,201,128,531 (1.2 Billion) NPXS token burn, worth approximately $150K USD, intended to keep its token value above a certain level.
Based on PundiX’s on-chain token records, PundiX issued a total of 179,333,710,156 NPXS in 2018, over 3 phases. Worth $188,685,989 at it’s prime, the value has now settled at $22.749,272. Starting from August 2018, they burned 22,155,614,698 NPXS across 6 phases, around 12% of their total volume.
PundiX is using its revenue to burn tokens. An official from PundiX mentioned in an interview with Xangle that PundiX is burning tokens through revenue made from blockchain-based payment terminal (XPOS) sales and transaction fees, and that once the tokens are burned, they are not distributed back into the market.
In an interview with Xangle, PudiX Founder Zac Cheah revealed that their main priority this year will be to find opportunities in developing countries like Africa or South America, to increase cryptocurrency adoption across the countries.