Crypto Exchange Bibox Completes Q1 BIX Token Burn


Upstart crypto exchange Bibox announced earlier this week that it has completed its first quarter token burn for Bibox Token (BIX).

According to the brief announcement, Bibox burned 1,509,044 BIX ($452K) in the latest repurchase, which roughly equals 1.3% of the current circulating supply. This amount was calculated based on 25% of the quarter’s net profits, meaning that Bibox earned roughly $2 million in profits in the first quarter of 2019.

The Bibox team notes that the total burnt to date stands at 8,548,602, which is approximately 3.2% of the BIX total supply.

For comparison, Binance, the world’s largest crypto exchange, recently conducted its seventh quarterly Binance Coin (BNB) token burn, removing 829,888 BNB, roughly $15.6 million, from circulation.

Despite the bullish event, the price of BIX has pulled back of late and is currently down 1.7% on the day $0.294691 with a $32.3 million market cap.

More: Bibox Q1 Token Burn Announcement

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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