Pundi X Removes Tokens Worth 9.7 Billion USD

The Pundi X team, as of 3rd January 2019 has executed their token removal drive, as was planned and burned 9.7 billion NPXS/NPXSXEM tokens, which is equivalent to 4.1 million USD. 5.7 billion NPXS and 4 billion tokens NPXSXEM has permanently been removed from the supply. With the profits to the foundation brought in from fees generated by Pundi X devices globally, the company is able to take a various amount of NPXS out from the total supply which means that tokens are burned – if a $10 fee is brought in, $10 worth of tokens are removed.

This phenomenon of burning tokens is a common one in the crypto space. As a result of this, the total circulating balance of the ticket gets reduced, thus making each token worth more. For example, consider a situation like this; there are a 100 token total supply with a market cap of $100. Each token is worth $1. If, say 50 tokens are removed from the total supply, while the cap remains unchanged, each token now becomes worth $2. This method is similar to the buyback method in the traditional equity world.

The company, after the token removal drive also provided the hash of the execution:

NPXS
Hash: 0x381ac253b3bc9a0eadbc07bd4cb7c2872a6e0c888b7edb83d90aa1bd1b219002
Etherscan: Link To Etherscan

NPXSXEM
Hash: 9151fd20fb1e5c8bddb7376465055182b9b0e87016cd41b87e1b94f2a18e1484
Explorer: Link To Explorer

Pundi X has been undergoing some serious developments when it comes to the adoption of its products in the market. They, very recently signed a partnership with Ebooc & Loyalty Labs, as a result of which Pundi XPOS will be implemented for hundreds of Emcredit, the UAE’s official credit bureau and a subsidiary of the government of Dubai. Consumers will also be able to use digital currency at storefronts across the city and will also enable them to pay bills, school fees and utilize digital currency which is a historic moment for the adoption of blockchain itself. Moreover, the company has also signed a partnership with HARA Token for the XPOS deployment.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.