Buying.com’s BUY token has been approved to trade on Openfinance after a 20x token split. The split caused the total number of BUY tokens to decrease and the value of each BUY token to increase.
Buying.com has been busy marketing its token offering over the past year, and now the company has made a series of announcements.
Latest updates from Buying.com:
- 20x token split; Completed
- Android & IOS apps launch; Beta Phase
- Agreement with Groupon for market testing on the Groupon platform; Completed
Buying.com Token Splits Explained
Similar to a stock split, there is not any lost value for the token holder. Instead, each token increases in value and the total number of BUY tokens will decrease.
A 20x split means, as is the case with BUY, means that the total number of tokens in your wallet or vault account will change to an amount 20 times less than the token number originally held. Additionally, the token value will increase in worth proportionally, which balances out all token holder valuations.
For every 1 BUY token that users previously held, that number is now fractionated by 1/20. For example, if you held 20 million BUY tokens before, you now have 1 million BUY tokens. Correlatively, the price of the token went from 1 BUY token being worth $0.1125 to 1 BUY token being worth $2.25 USD. In total, 950 million tokens were burned by Buying.com using Polymath’s tools.
Buying.com Uses Help from Openfinance and Polymath
Through the aid of Openfinance and Polymath, Buying.com has now completed the BUY Token approval process. Using Polymath’s ERC-1400 compliant tools, Buying.com completed a reverse 20x split on the token to meet the requirements and guidelines of the Openfinance platform for listing and trading.
Buying.com CEO and Founder Jean Gabriel said that the Openfinance listing was a milestone that her team has been excited to announce for several months now. However, Jean and the team wanted to ensure the split was successful before saying anything about it.
“We wanted to do everything the correct way before announcing that our token will be trading live on the exchange. Openfinance, Polymath, and our legal team worked closely on the token split to ensure that we maintained compliance,” Jean Gabriel said.
Buying.com Fulfills Openfinance Listing Requirements
This split was required by Openfinance to meet its standards for trading an ST20 token. The climb in the token price stabilizes the company’s valuation.
Openfinance Network (OFN) is the first U.S. regulated security token trading platform to go to market. OFN has been a trusted player in the alternative asset space since 2017.
Buying.com will continue keeping its community updated on progress as the date approaches for the token launch on Openfinance.
Agreement with Groupon
Additionally, Buying.com has finalized an agreement with Groupon to roll out marketing tests for the Groupon platform.
Buying.com is the first e-commerce platform that allows online stores and consumers to buy direct from manufacturers. It’s the next generation Decentralized E-Commerce Platform that harnesses the power of distributed ledger technology along with innovations in Bulk Pricing, Real-time Logistics, E-Commerce, and Cryptocurrency. Buying.com’s platform offers hyperlocal eCommerce on demand for over 2 million products, which includes brands such as Nestle, HP, Sony, and Panasonic. Get the latest updates about Buying.com on Telegram right here: https://t.me/buyingcom.