Announcement #6: Discounts on Instant Withdrawals with BNS

Bitbns
Bitbns
Aug 7, 2020 · 3 min read

It’s time for announcement number 6, which significantly expands the functionality of Bitbns. Ready for it?

Instant withdrawals limit has been increased to 25 lacs/day. We started withdrawals with 1 lac/day and have been able to sequentially ramp up our verification flow to ensure we can seamlessly facilitate 25 lacs/day worth of withdrawals.

How does BNS come into picture

You would be able to pay for your instant withdrawals with BNS. Yes, you heard it right. From August 8th, you would be able to use your BNS to pay for instant withdrawals and get discounts.

Essentially, the discount is structured in a way that it’s a function of how much BNS the withdrawer is holding and enabling pay with BNS at a discount.

So these are the slabs

BNS would be deducted the next day at 12 pm. The INR would be refunded for the transaction.

You would see a pay with bns option at Instant withdrawals section.

So an example — if you did 10 INR instant withdrawal transactions of 50K each, your fees would have been:

(Fees per transaction for INR 50K withdrawal)*Number of transactions

So 9*10 = 90 INR

Now in this case if you hold say > 100 USD worth of BNS in your wallet and use pay with BNS for instant withdrawals fee, you would receive a refund of

30% on fees paid i.e so 30% of 90 INR — 27 INR.
And 63 INR worth of BNS would be deducted from your wallet and 90 INR would be refunded back to your wallet. So total savings of 27 INR in a day.

(Note: The price at 12 pm the next day of BNS would be used for calculation)

You would be able to see all these in the fees section from Sunday 8 pm. Trading fee rebates and instant withdrawals rebates.

FAQ

Is it specific to instant withdrawals ?
Yes

From when can I use this ?
From 8th August 2020 12 noon. So the instant withdraw transactions that have been done on 8th August after 12 noon can get a refund on 9th August.

There are also a trove of other small but important developments to improve the experience for users.

1. BNS logo has been added on Etherscan so that users do not get confused with any other token.
https://etherscan.io/token/0xd996035Db82cae33Ba1f16fDF23B816E5E9fAaBb

2. BNS is now listed on the Trust wallet, which is trusted by over a million users. You can send and receive funds from Trust wallet.

We would keep working on adding avenues and places from where people can access BNS. Till then keep spreading the word because we’re even giving out some exciting rewards for that!

Onwards and upwards,

Team Bitbns