- PundiX has reportedly burnt 5.7 billion NPXS and 4 billion NPXSXEM from the total supply
- The team says it remains dedicated to facilitating more cryptocurrency adoption in 2019
- PundiX achieved several significant feats in 2018 including getting its native NPXS cryptocurrency listed on more than 20 exchanges
PundiX, a distributed ledger technology (DLT) project focused on making it easier for merchants to accept cryptocurrency payments globally, has announced the successful removal of 9.7 billion NPXS and NPXSXEM tokens from their total supply, to boost the value of the altcoins, according to a Medium blog post on January 3, 2019.
PundiX Burns $4.1 Million’s Worth of NPXS and NPXSXEM Tokens
As announced during its AMA session on December 29, 2018, the PundiX team has reportedly kept to its word by removing 9.7 billion tokens from circulation.
As stated in its blog post, the operation saw the removal of 5.7 billion NPXS and 4 billion NPXSXEM tokens from supply, to create scarcity and boost the value of the altcoins:
“Apart from burning 2.8 billion NPXSXEM tokens as promised in our AMA, we have also removed another 1.2 billion tokens for the annual token removal activity.”
The blockchain project also claims to have permanently removed a total of 10.2 billion tokens in 2018 and plans to work harder in 2019 to achieve its goals of fostering global cryptocurrency adoption via its highly functional products.
PundiX Slowly But Steadily Becoming a Blockchain Heavyweight
At a time when initial coin offerings (ICOs) have become a controversial method of fundraising in the blockchain ecosystem, no thanks to the scam startups which have taken advantage of the nascent and unregulated and unregulated nature of the cryptosphere to wreak havoc on unsuspecting investors, projects like PundiX, Binance cryptocurrency exchange and several others have proved that good things can indeed come out of ICOs.
Launched in January 2018 via an ICO that reportedly raised a total of $35 million, PundiX has worked fast ever since.
“More than 6,000 transactions got executed in the first five minutes of our ICO launch. It caused the jam on the #Ethereum network just like #CryptoKitties did,” tweeted PundiX at the time.
As reported by Blockchain Reporter in August 2018, Pundi X partnered with Manticora Capital, a leading Colombia-based ICO advisor to deploy 1,000 POS devices in the region.
In related news, in October 2018 PundiX launched a blockchain-powered mobile phone to enable users to make calls, send and receive messages and carry out other essential operations.