A new crypto asset is continuously entering the market and transforming the cryptocurrency market. There are not many prospective exchange-owned tokens available on the market; however, due to the development of the exchanges themselves, they are of high potential and have good growth prospects.
“Biconomy is one of the biggest Canadian cryptocurrencies exchanges already online. Founded in 2019, the company has offices in Canada, the United Kingdom, Russia, South Korea, and Japan.
It is a leading exchange that provides professional and secure trading experiences to 300K+ crypto traders around the world through its products and services designed specifically for cryptocurrencies.”
Now, the Canadian cryptocurrency exchange Biconomy.com has launched a new official token with the BIT symbol. There is a multitude of possible uses for the BIT Token, which makes it an extremely promising asset for investment.
With a massive airdrop on the top crypto asset tracking platform CoinMarketCap, the Biconomy exchange built an adequate global community by airdropping a $50,000 prize.
It was a successful airdrop from September 3 to September 23, 2021, and there were over 560 thousand participants!
In addition, the token became publicly traded and is now available to investors worldwide on the PancakeSwap platform starting September 6, 2021.
Dex was the first public platform to trade BIT tokens, and the number of exchanges will only rise over time. BIT will become available for trading in October to all Biconomy customers and traders, who will be free to trade on the exchange.
How will the holders benefit from holding the BIT Token?
BIT, or Biconomy Token, is the native cryptocurrency exchange token of Biconomy.com. The digital asset is decentralized and compliant with BEP20. Biconomy’s reputation is a significant factor in BIT’s value, though other factors play a role.
By using Biconomy, BIT token holders can take advantage of the following BIT token benefits, which will make it a reliable and secure asset:
- The exchange will use 50% of the currency transaction fees for repurchasing and burning its tokens to curb inflation. The other 50% will be distributed back to token holders in the form of USDT.
- A 6% transaction tax is applied to each BIT transaction, of which 4% is removed through destruction, while 2% is returned to the wallet with currency.
The current market has no exchange tokens that follow this model!
- The Biconomy exchange will offer special commissions to BIT holders depending on the number of tokens held
- Owning BIT tokens gives you a chance to participate in the investment of high-quality blockchain projects by the Biconomy Foundation
- Futures trading: Biconomy plans to launch futures trading in Q3 of 2022, which will generate income for repurchasing and burning BIT.
- BIT will be applied to own chain, Dex, new financial technologies, and other potential Biconomy products.
The BIT and Biconomy Roadmap
Additionally, the exchange published a two-year long-term strategic roadmap. Along with new trading products, such as margin trading and futures trading, which will be implemented in 2022, the exchange will offer the staking of the BIT Token by the end of September 2021. With this product, holders of BIT Tokens will be able to profitably invest their assets and earn solid returns. The product will grow, becoming a truly comprehensive tool that includes a wide variety of features.
In addition, Biconomy’s SWAP product is in development – so you’re always able to swap cryptocurrency instantly, buy BIT Token with any cryptocurrency, even without trading skills, simply and conveniently.
Biconomy exchange tokens are for use by the Biconomy community. Exchange team members want token holders to have the opportunity to participate in some of the exchange’s processes and make important decisions in the exchange itself. As a result, the BIT Token holders will have access to a decentralized system for managing the exchange – the BIT DAO System. BIT Token holders will be able to receive extra tokens based on their activity on the exchange in the future.
Especially for investors, the community, and BIT token holders, the exchange is launching a product for the staking of BIT tokens ahead of schedule.
This is a classic staking product with the addition of a liquidity pool in the form of BIT – BUSD.
In order to stake the BIT token and receive even more BIT tokens, users need to have a balance of BIT tokens and a balance of BUSD on the wallet, which will participate in the liquidity pool.
This is the first round of BIT token staking, with 10 Bln BIT Tokens allocated for it.
The product also has very huge profitability – Annual Profit Yield (APY) is 1000% on average.
Such profitability for an exchange token is a unique phenomenon in the market!
Biconomy exchange CEO Dmitriy Sheludko said:
“We are confident that the BIT Token model and protocol would be a great addition to the Biconomy exchange and the cryptocurrency market as a whole.
Biconomy will benefit and grow along with the crypto industry as more people get involved. Additionally, the exchange provides a compelling loyalty and rewards program that will strengthen its position in an industry experiencing increased competition.
BIT Token was created as a result of a desire to increase the use of the exchange by becoming more involved, allowing the international community to freely participate in the life of the exchange and its activities, as well as receive bonuses in return.
There are many exchanges that have their own tokens, but they do not play a part in the exchange’s day-to-day operations, and they do not control their own ecosystems or utilities.
Our goal is to expand the areas where the token will be used by increasing the range of applications for the token.”
Buy BIT Token on Pancake Swap: https://pancakeswap.finance/swap?outputCurrency=0xc864019047b864b6ab609a968ae2725dfaee808a
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