Stellar Foundation destroyed 55,000 million XLM tokens
The measure derived the increase over 17% in the price of digital currency in the last 24 hours
The Stellar Foundation, SDF in English, ordered the destruction of at least 55,000 million XLM tokens as part of its protection measures to the value of the digital currency, due to a rethinking of organizational strategies by the company and which also derives an increase of more than 17% in the price of the digital currency in the last 24 hours, a very advantageous scenario for the cryptoactive.
The information was disclosed, through the publication of a report on the official blog of the Stellar Foundation, where the organization explains that the measure seeks to reduce the amount of existing assets, intended for the financing of projects and initiatives, and so avoid excessive supply in the main markets. They assured that the destruction of the tokens is beneficial for the ecosystem in general.
The amount of tokens destroyed is estimated to be around USD $ 4.4 billion. They also reported that they will leave only a total of 50,000 million tokens, of which just over 20,000 million are currently in circulation.
Gift programs will be canceled
Together with the destruction of the funds, the foundation indicated that they will be canceling several gift programs, while continuing to support the community. According to this, the directors indicated that they have contemplated about 4,000 million XLM to finance groups and organizations that design products or services in support of the digital currency.
As for the remaining funds, the foundation indicated that they will promote the development of the Stellar blockchain network, as well as continue to promote use projects for the digital currency and establish institutional alliances.
K.Villarroel
Source: dailybitcoin
