NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Crypterium Moves to Burn Up to 30% Of the Total Supply of CRPT Token

NewsBTC
NewsBTC
4 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Crypterium plans to burn 30% or over 30 million of CRPT total token supply in the next 24 months. This deflationary technique could impact the price of CRPT in the long run.

Estonia-based Crypterim has announced its decision to speed up the burning rate of its platform token, CRPT. Despite the steady increase of CRPT’s burning rates, the crypto bank has decided to tweak its burning mechanism such that CRPT can be redeemed from the circulating supply and burned accordingly. This program kicks off in July. And as a deflationary technique, it is expected to impact the price of CRPT positively.

Before now, the burning process of CRPT solely depended on the transaction volume executed on the Crypterium ecosystem. For every transaction executed via Crypterium’s infrastructures, a 0.5% gas fee denominated in CRPT is charged and subsequently burned. Therefore, the burning rate of CRPT has closely trailed the business performance of Crypterium, which up until now has recorded an upward growth trajectory.

According to Crypterium, there was a 66% increase in the burning rate of CRPT in 2020, with over 400,000 tokens permanently removed from the total supply of the digital asset. Likewise, the token’s burning rate has experienced a remarkable increase in 2021, with over 800,000 CRPT burned in the first half of the year alone.

In May, the platform burned 150,000 CRPT, a significant increase from the 10,000 CRPT monthly rates recorded in 2019. At this rate, Crypterium expects at least 2.3 million CRPT to be burned by the end of 2021. By 2023, the burning mechanism would have destroyed as much as 30% (over 30 million CRPT) of the 83 million current supply of CRPT.

“Until now, our burning rate exclusively depended on transactions. However, looking ahead we’re planning to redeem tokens from the market for burning purposes. We are confident that increasing CRPT burning speed will have a positive impact on our ecosystem,” said Austin Kimm, COO at Crypterium.

Following the introduction of this alternative token burning technique, Crypterium welcomes active participation and contribution from the CRPT community. Interested CRPT holders can burn their tokens by transferring their preferred amount to a specified address. The startup added that this offer is valid until the 10th of July.

How Does This Impact CRPT?

Token burning is a deflationary system commonly used by crypto platforms with native digital assets. The goal is to periodically and permanently reduce the circulating supply of the tokens to ensure that the value maintains an upward trajectory. In the case of Crypterium, each transaction comes with a 0.5% CRYPT-denominated fee that is subsequently destroyed. By deciding to optimize its token burning mechanism, Crypterium looks to fast-track the impact of traditional supply-demand economics on the value of CRPT.

Notably, CRPT has a total supply of 98.6 million tokens. There are  83.6 million CRPT currently circulating in the market, of which 18 million are locked in the platform’s savings accounts presently. If all goes to plan, Crypterium would have burned around 30 million CRPT by 2023. In essence, over 30% of the current total supply could potentially vanish, leaving the ecosystem with a little over 50 million CRPT.

With the supply of CRPT projected to drop significantly in the next 2 years, there is a high tendency that the value of CRPT will appreciate in tandem with the market demand for the token. Ultimately, the business performance of Crypterium will, to a large extent, determine the effectiveness of this token-burning initiative.

Tweet123Share196ShareSend
NewsBTC
NewsBTC

NewsBTC

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Crypto

Can Europe’s Crypto Apps Win Over Binance Users? A Growing Comparison

Binance remains the world’s largest crypto exchange with over $217 billion in daily trading volume and 280 million users worldwide. Yet...

PR Desk 4 weeks ago

How to Compete When Finance Never Sleeps

Crypto’s 24/7 model is resetting investor expectations. Here’s what banks and exchanges must do to keep up. When Markets Never...

NewsBTC 3 weeks ago

MEXC Blocks $4.97M in Fraud and Recovers $902K in User Funds, New Report Reveals

Global crypto exchange MEXC said its insurance fund hit an all-time high of $559 million USDT in July, as the...

Mark Hampton 1 month ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Robinhood

Robinhood CEO Issues Bold Prediction: ‘Everything Will Be Tokenized’

Christian Encila 6 days ago
Coinbase Reserves Hit $112B: Highest Level Since 2021 Market Peak

Coinbase Reserves Hit $112B: Highest Level Since 2021 Market Peak

Sebastian Villafuerte 2 weeks ago

MEXC Introduces Futures Earn: Idle Balances Can Now Generate Up to 15% While Staying Trade-Ready

Mark Hampton 3 weeks ago

Premium Sponsors

Press Releases

  • Obchodník se Shiba Inu objevuje nejvíce býčí coin od...

    3 minutes ago
  • Trgovac Shiba Inu otkriva najperspektivniji coin nakon...

    15 minutes ago
  • パイネットワーク 価格...

    17 minutes ago
  • Следващата криптовалута, която може да избухне: Snorter може да превърне 500 USD в 250 000 USD, докато CIO-то на Bitwise подкрепя Solana

    Следващата криптовалута, която...

    16 hours ago
  • Защо Snorter привлича толкова голям интерес?

    Următoarea criptomonedă care ar putea exploda: Snorter ar...

    16 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.