In August this year, WhiteBIT, one of the biggest cryptocurrency exchanges in Europe, released its own token, WBT. The company recently announced that the token would soon be listed on Gate.io, another well-known cryptocurrency exchange.
WhiteBIT Token was first listed on the WhiteBIT exchange on Aug. 25, 10:00 am UTC. It was accompanied by an airdrop and a large-scale trading competition. A month later, it was listed on Huobi. After a successful trading competition, an airdrop and a vast flow of interest from the crypto community, WBT reached an all-time high of $13.88.
WBT is a utility token created to connect the products and services of the WhiteBIT ecosystem and provide its owners with a broad scope of perks. It has a total supply of 400 million WBT. Half of the supply is treasury tokens that are distributed within the company’s funds. These tokens are designed to be unlocked according to a specific schedule.
WBT holders can enjoy the following set of benefits:
- Free withdrawals of Ether (ETH) and ERC-20 tokens.
- Up to 100% maker fee discounts.
- Free daily Anti-Money Laundering checks.
- A referral rate increased to 50% of the interest.
As of writing this press release, the market capitalization of WBT is $824,130,181. The company uses a deflationary mechanism that presupposes weekly burning of WBT to protect the asset from inflation. The exchange repurchases the tokens and burns them until at least half of their total number in circulation is destroyed.