03 April 2021, 12:04
2 min reading
We are happy to announce the burning of 1,031,692 CRPT tokens, which is extremely beneficial for both CRPT holders and Crypterium alike to increase the token’s value and reduce inflation
We’re proud to confirm that 1,031,692 CRPT tokens have been burned since the Crypterium Wallet went live for the first time. Crypterium has applied a “token burning model” as a deflationary model to reduce the supply of CRPT, with the aim to increase the token’s value.
CRPT is the fuel for all crypto-fiat transactions available on the Crypterium Wallet. With each transaction, a fee equal to 0.5% in CRPT is taken from the user’s account and burned, artificially reducing the asset’s supply and increasing the long-term supply and demand ratio.
Crypterium burns CRPT tokens monthly as part of the main goal to become the largest crypto bank in the world. The number of tokens varies according to the number of transactions carried out on the platform each month.
The burning of CRPT tokens reduces the circulation supply because they are deliberately destroyed. The economic rules clearly state that reducing the quantity of any good in the market makes it more valuable.
Demand is the central economic concept that gives value to any specific asset. The supply of CRPT is constant without creating additional tokens once the total supply is reached. If the supply continues to fall because of burning, then the token price would rise.
Over time, the blockchain world will likely adapt the mechanism for other aspects, as it is highly beneficial.
CRPT price has increased over 300% in the last few months, moving from $0.14 to $0.42, surpassing the growth of the first cryptocurrency. The increasing value of CRPT is logically pushing the company’s market capitalization.
Crypterium is growing faster than ever before, and with the launch of new services into previously untapped markets, we can reach new heights faster than any other global financial company.
Crypterium aims to reach 1 billion EUR in transactions volume, launch new investment products and serve more than 5 million customers worldwide, which stimulates the constant demand for CRPT tokens and the continuous price increase.