Buying.com Approved To Trade On Openfinance After Token Split With Polymath and App Launch
Following a breakout $14-million-dollar token sale in 2018 and the launch of its first Android app, 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 a token split and the launch of its Android app will propel the company even further.
Buying.com Token Splits Explained
Similar to a stock split, there is not any lost value. Instead, each token increases in value and the total number of BUY tokens will decrease.
A 20x split 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 climb 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 her team has been excited to announce for several months now. However, they wanted to ensure everything was in place with Polymath and Openfinance before making the announcement fully public.
“We wanted to do everything the correct way before announcing that our token will be traded live on the exchange. Openfinance, Polymath, and our legal team worked closely on the token split to ensure that we maintained compliance,” Jean Gabriel told BountyBase.
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 to keep its community updated on progress as the date approaches for the token launch on Openfinance.
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.