Approved To Trade On Openfinance After Token Split With Polymath and App Launch

Sep 18 · 3 min read
Chief Strategy Officer Joshua Jihani on stage at the Coin Telegraph’s Block Show in Las Vegas 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. 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 using Polymath’s tools. Uses Help from Openfinance and Polymath

Through the aid of Openfinance and Polymath, has now completed the BUY Token approval process. Using Polymath’s ERC-1400 compliant tools, completed a reverse 20x split on the token to meet the requirements and guidelines of the Openfinance platform for listing and trading. 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. 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. will continue to keep its community updated on progress as the date approaches for the token launch on Openfinance.

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