Bitcoin.com Exchange is thrilled to announce the upcoming listing of a new digital asset on the 20th of August 2020 at 10:00 UTC. BUY by Burency is a new cryptocurrency that aims to increase cryptocurrency and blockchain adoption in the Middle East. BUY will be listed with BTC and BCH trading pairs. The listing will make the token for the first time tradeable against other major cryptocurrencies.
Danish Chaudhry, Head of the Bitcoin.com Exchange said “We see a lot of potential for Blockchain and Cryptocurrencies in the Middle East region. Therefore, we’re very excited to list BUY from Burency and support them in their mission to bring Blockchain to the masses”.
Mohammad Mazen, Founder and CEO of Burency added : “As Bitcoin.com is a historical player in the Cryptocurrency ecosystem, the listing on their exchange is a very important step for us that will additionally allow us to promote and offer the BUY token to their large and committed community.”
The Burency ecosystem consists of a fully-insured crypto exchange, a Blockchain Development Center and the Burency Mining farm. Each one of them addresses one of the previously mentioned challenges.
The Burency exchange is built for transparency and convenience. It is fully regulated and allows anyone to easily get started with cryptocurrency trading. It is also one of the first exchanges that is fully insured by one of the top insurance providers: Lloyds of London. The exchange will offer traders fiat to crypto gateway as well as a live profit/loss dashboard making it easy to keep track of your trading performance.
Most exchanges store a part of the funds they hold in cold storage and just keep a small portion in hot wallets to ensure liquidity. Burency is aiming to achieve storage in cold wallets and easy access. If they succeed, insured users could store crypto in DMCC storage vault – a third party insured blockchain managed physical vault.
Additionally, Burency is planning to set up their mining operations in relatively cold countries while using renewable energy, mainly hydro-power, to run their operations with a lower ecological footprint. Anyone who is looking for computational power will be able to buy time-slots in the mining facility. To ensure fairness and transparency, the transaction will be conducted via smart contracts.
The third and last element in the Burency ecosystem is the Blockchain Development centre which tackles the current lack of understanding when it comes to Blockchain technology. The Burency Blockchain Development Center will become a research hub in the UAE region and will support businesses in understanding and implementing DLT.
What ties all these elements together is the native token of the Burency ecosystem: BUY.
Buy is an ERC-20 token and allows users to trade, request services or bid on mining slots. In total 700 Million BUY tokens have been created. In the future, Burency is considering to buy-back and burn tokens with the revenue generated.
Notes
- Three streams of business:
- Regulated exchange
- Sustainable mining operation
- Blockchain research center
- Burency BUY token ERC-20 -> allows users to trade, request services or bid on mining slots
- Safety, robustness, transparency and security
- Target audience:
- Investors, crypto enthusiasts, casual traders
- Miners, enthusiasts and enterprises wanting computing power
- Government departments, enterprises, SMEs, start-ups and e-commerce platforms
- Burency Blockchain Development center
- Research and Development hub in UAE
- Helps enterprises and startups to implement blockchain to address challenges
- Smart contracts to facilitate cross-border trades
- Idea to position burency as global brand for trust
- Burency Mining Farm
- Streamlined platform for mining via purchased timeshare slots in mining facilities -> interested parties can purchase computational power with BUY token
- Can build entire mining farms for interested enterprises
- Regular audits
- Purchased slots can also be used to fulfil other computational; tasks
- Goal: one of the world’s main blockchain data centers within next decade, hub of computing power to facilitate blockchain and dApps
- Tokenomics
- ERC 20 Token to facilitate trading
- Primary transfer medium for trading
- Enable users to buy services and facilities within burency ecosystem
- 700 Mio. Buy tokens
- Plans to burn tokens with revenue of mining farm, blockchain center and based on trading vol.
- Reduced trading fees: 50% in the first 2 years, then 25%
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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