Blockchain Property Platform Burns 21% Of Its Own Tokens
Max Property Group Announces The Integration Of Its Blockchain With Property Crowdfunding Platform, And Burns Over 216M Tokens.
“This is an important milestone, as it demonstrates the real world use of the token and its utility value,” says Max Property Group’s CEO, Mark Lloyd.
With this announcement, the company has made the bold decision to hold two token burning events; destroying 40,000,000 MPG tokens during a live token burn event held at the Max Property Group headquarters in Rotterdam on the 12th July 2019, as well as burning the remaining MPG tokens held in its PRE-ITO and ITO PHASE I wallets. The group will burn 216,156,780.12 MPG tokens in total.
To perform a transaction on the Max Crowdfund platform, fees are charged in Euros but paid in MPG tokens. The MPG tokens used on the platform are instantly burned, thus diminishing their supply. The fees are charged in Euros in order to ensure transaction costs are stabilised in case the MPG token value were to increase dramatically as a result of its diminishing supply.
The platform is now functional on the MPG blockchain, with the MPG token being used to pay for certain transactions such as creating a support ticket or voting for a charity, in line with the company’s development roadmap. Additional transactions, such as investing in fundraising projects (in the form of security tokens), will also soon be charged in MPG tokens, as soon as the development team has completed the integration step of adding assets to the MPG blockchain.
Max Property Group, whose blockchain is provided by the Ardor platform, will burn 40,000,000 MPG tokens on the 12th of July during the “Live MPG Token Burn Event” at the Max Property Group head office in Rotterdam. These tokens have been transferred from the PRE-ITO account (ARDOR-EJE2-QCZZ-66YB-7AGW8) to a specific account (ARDOR-4778-V7PK-JEL9–23NYA) from which they will be send to the Ardor burn account (ARDOR-Q9KZ-74XD-WERK-CV6GB). The remaining MPG tokens in the PRE-ITO and ITO PHASE I wallets will also be destroyed, with a combined total of 216,156,780.12 MPG tokens; over 21% of the MPG in circulation.
Team Token Release Delayed
Earlier this month, Max Property Group announced the appointment of a specialised law firm to assist with the application for an “exemption for mediation in redeemable funds” license with the Dutch Financial Authorities (AFM). The MPG tokens paid to team members for their role in the development of the Max Crowdfund platform were due to be released on July 1st 2019. Max Property Group has decided to delay the team token release date until the license from the AFM has been granted, and the platform is fully licensed and functional, which is expected to take approximately 4–5 months.