NEW YORK, NY / ACCESSWIRE / September 11, 2019 / Ferrum Network, a high-speed interoperability network for real-world financial applications, has announced the first Ferrum Network Token (FRM) burning event, to be executed on BitMax.io, the industry leading next-generation digital asset trading platform.
Burning is a major component of the Ferrum Network ecosystem. Each transaction on the Ferrum Network requires a small amount of FRM be spent and burned as gas. To demonstrate Ferrum Network’s commitment to burning, Ferrum is proud to announce its first burning event with its partner BitMax.io.
Overview of Ferrum Network
Ferrum Network is an ultra low-cap DeFI project bringing world-class financial applications to emerging markets. Ferrum aims to empower millions of people around the world with advanced financial applications that run on a DAG-based interoperability network, which can connect to nearly any blockchain and works natively with fiat currencies. It’s like the Lightning Network, but for every blockchain.
The first Ferrum Network product is the African fiat gateway and payments app Kudi Exchange, launched in June 2019 and growing daily.
Next Ferrum will launch UniFyre Wallet, a non-custodial wallet for risk-free OTC transactions and staking of any cryptocurrency. As a global project, Ferrum will be launching UniFyre in numerous languages, starting with a Chinese version.
How do the products connect to the FRM token? All products and transactions will run on Ferrum Network and use FRM as gas. Every time a transaction occurs, it requires a small amount of FRM be spent and burned.
Therefore, when fully scaled, tens of thousands of FRM will be burned daily through the African users alone. Ultimately hundreds of thousands of tokens will be regularly burned once the remaining products like Infinity DEX and Sub-Zero Wallet are released.
Progress Since Listing on BitMax.io
On August 1, 2019, Ferrum Network’s ICO sold out in minutes. On August 5th, FRM listed on BitMax.io as its primary exchange. Here are the major developments since listing.
- Token Bridge. Launched the Ferrum Network Token Bridge for instant swaps of ERC-20 FRM and BEP-2 FRM. With an emphasis on user experience, the Ferrum Network Token Bridge is simple, fast and reliable. In addition, the token bridge fee are paid in FRM. Not only did those fees burn approximately 60,000 FRM thus far, the Token Bridge also provides early FRM utility.
- Social Mining. Social Mining is a next-generation community driven marketing tool that rewards community members who add value to Ferrum Network in the form of articles, videos, and other high-value social media content. To qualify, users must hold a minimum of 5000 FRM. To date, about 2,300 users have signed up, with nearly 500 users holding at least 5000 FRM.
- Binance DEX. Less than 30 days after the BitMax.io listing, all Binance DEX validators voted “yes” to list FRM/BNB pairs, and on August 26, 2019 FRM was listed on Binance DEX.
- Kudi Exchange Progress. Ferrum’s African fiat gateway began an aggressive marketing campaign, hosting many events in Nigeria, signing up nearly 50 merchants for the point-of-sale system, and adding nearly one thousand users.
What’s Next for Ferrum Network
- FRM Staking. Ferrum has moved up the time to introduce staking and will be releasing a web-based staking application within the next few weeks.
- UniFyre Beta Launch. Ferrum will soon begin beta testing of UniFyre Wallet. For those interested in participating in beta testing, sign up here.
- 3rd Exchange Listing. Ferrum will soon announce its 3rd exchange listing.
- Kudi Rebrand w/Bank Card. Kudi rebrand is coming, including the addition of Ethereum and lower fees. Moreover, the launch of the Kudi Card! The Kudi Card can turn digital currency into cash and can be used anywhere debit cards are accepted. This will open Kudi to an entire new set of customers like international travelers and everyday Africans who want to use their crypto.
The First of Ferrum Network Series of Burning Events
On September 11, 2019 at approximately 10:00 AM EDT, 2.5 million FRM that were in the circulating supply will be sent to a permanently locked address. This will be the first in a series of burning events.
Ferrum Network is look forward to announcing more burning events in the future and working closely with BitMax.
About BitMax.io (BTMX.com)
BitMax.io is the industry’s next-generation digital asset trading platform that provides a broad range of financial products and services to both retail and institutional clients across the globe. This innovative trading platform was founded by a group of Wall Street quant trading veterans and built upon the core values of blockchain, transparency and reliability, to deliver high-quality client services and trading experience.
About Ferrum Network
Ferrum Network is a blockchain-based FinTech company bringing world-class financial products to emerging markets. Ferrum’s high-speed interoperability network supports financial applications such as fiat gateway and non-custodial wallet designed to empower millions of people around the world by giving them control of their own assets. The FRM token is now available Bitmax.io, Binance DEX, and exchanges coming soon. For more information, visit https://ferrum.network.
Ferrum Network Links:
Bitcoin Talk: http://bitcointalk.ferrum.network
SOURCE: Ferrum Network