BEST • 4 min read
By Paul Klanschek
The eighth BEST token burn has just been completed: we’ve burnt 17,309,742 BEST with a total value of €14,358,803. You might’ve heard about BEST before. In case you haven’t, BEST is Bitpanda’s ecosystem token offering special rewards and benefits to our growing user community. Read on to discover the best of BEST, shared by our Co-Founder & Co-CEO, Paul Klanschek.
We launched the Bitpanda Ecosystem Token (BEST) a little over two years ago. While BEST has seen some ups and downs since then, the way it is integrating into Bitpanda’s vision and ecosystem has evolved. It’s really great to see an increasing number of users paying their trading premiums and claiming their BEST Rewards - we’re happy to see the community growing.
If this is the first time you’re reading about our token burn, here's why we have our token burn events once per quarter. What happens during these events is that we destroy (“burn”) at least 25% of BEST that were spent on trading premiums and fees on Bitpanda. The objective is to reduce the initial total supply of 1 billion BEST tokens.
Reducing the total supply tends to render the tokens remaining after the burn more valuable, thus benefiting token holders. This can be compared to repurchases (“buy-backs”) of shares by publicly-listed companies, where the supply of circulating shares (shares outstanding) is being reduced, adding to share value and providing added value for shareholders. BEST burn events are going to take place on a quarterly basis until 50% of the initial total BEST supply is “burnt”.
During this burn event - the eighth in BEST’s history - we destroyed at least 25% of BEST tokens that were spent on paying trading premiums on Bitpanda and trading fees on Bitpanda Pro, since our last burn on the 29th of July this year. Find further information about the eighth BEST burn here, including the burn transaction. If you’re curious about the current supply, check it out here, under “Max Total Supply”.
We have outlined the timeline of our BEST burn events below: the next one is scheduled for the 27th of January, 2022.
We also have something special in store for you this time around! We’re giving away limited-edition BEST Burn t-shirts, designed and crafted specifically for the burn event!
BEST Rewards is our loyalty programme that can help you increase your holdings by more than 12% per year. To participate in BEST Rewards, you have to hold BEST in your Bitpanda Broker wallet, trade any digital asset on Bitpanda at least once a month (that trade can also come from a savings plan) and, of course, actively claim your BEST rewards.
And that’s not all: you can ramp up your rewards even more depending on your BEST VIP level and monthly trading volume. This means the higher your BEST VIP level and the more you trade during one month, the more rewards you can claim at the end of the month. In September alone, more than 68,000 Bitpanda users claimed their rewards amounting to more than 2,487,000 BEST.
There’s more in store for BEST holders: holding BEST on Bitpanda can give you a 20% discount on trading premiums on Bitpanda Broker, as well as trading fees on Bitpanda Pro. Additionally, when trading Bitpanda Stocks*, you have the option to pay the spread** using your BEST holdings and get a 20% discount on your spreads.
Change is the only constant in the Bitpanda world and I’m happy to share some of the last quarter’s highlights with you:
We raised $263M in our Series C investment round at a valuation of $4.1B - and this is just the beginning. With over 3 million users, we’re proud to be one of the fastest growing fintechs in Europe.
All this and more is only possible due to the active involvement of the team that’s working behind the scenes to get things done. I’m really excited to welcome new colleagues in our leadership team. For this reason, I’m really excited to share that our leadership team is growing:
Mark Lechner, Chief Information Security Officer (CISO), will keep the Bitpanda ecosystem safe;
Michael Keskerides, VP of Product, will keep building and leading our product management and UX functions;
Joshua Barraclough, CEO of Bitpanda Pro, will work on building Pro into Europe’s biggest exchange;
Stefan Schulmeister became Managing Director of Bitpanda Financial Services.
And the best is yet to come, for BEST and beyond! Keep an eye on us to stay tuned about the latest updates. Until next time, thank you for choosing Bitpanda!
CEO and Co-Founder of Bitpanda
*Bitpanda Stocks are contracts replicating an underlying stock or ETF. More information and the prospectus are available at bitpanda.com.
**For more information, see the Cost Transparency Document of Bitpanda Stocks.
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Bitpanda GmbH ve grup şirketleri (Bitpanda) Türk Parasının Kıymetini’nin Korunması Hakkında 32 sayılı Karar’ın 2/b maddesine göre Türkiye’de yerleşik sayılan hiçbir kişiye yönelik olarak 6362 sayılı Sermaye Piyasası Kanunu başta olmak üzere Türkiye Cumhuriyeti Devleti mevzuatı hükümleri gereği Türkiye’de faaliyet izni gerektiren hiçbir sermaye piyasası faaliyetine dair hizmet sunmamaktadır. Şayet Bitpanda’nın yabancı sermaye piyasalarında vermiş olduğu hizmetlerden Türkiye’de yerleşik kişilerin faydalandığı tespit edilecek olursa tüm zararları kullanıcıya ait olmak üzere bu hizmetler ivedilikle sona erdirilecektir.
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