The market capitalization of crypto-assets worldwide has grown to more than a trillion dollars Thursday, January 7th, surpassing a mark that will make history. If crypto-assets were a company, they would be among the top 6 companies in the world. Bitcoin, of course, has the largest share of this – BTC accounts for more than $700 billion of the trillion.
From an Austrian perspective, the Bitpanda Ecosystem Token (BEST) is of course an interesting thing there. It was launched in 2019 as part of the launch of the Bitpanda pro-exchange and raised about $53.8 million (€44 million) at the time via the sale of 500 million tokens. 100 million BEST were bought by the company’s shareholders at the time, so there are currently just over 400 million in circulation (tokens are always distributed to users via promotions, note).
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Stronger growth than Bitcoin
As it stands, these slightly more than 400 million BEST are worth a combined total of about $155 million. With a total of one billion of the tokens created at launch and a little less than half still in stock with the company itself, one can expect a market capitalization of about $380 million. By all accounts, Bitpanda was valued somewhere between $300 million to $500 million during the large investment round by Peter Thiel – exact data on this was not published.
A year ago, BEST was still at 5 euro cents, but has increased almost sixfold to date, to about 30 cents. As the curve shows, the price has risen sharply, especially since December 2020 – just like the crypto market as a whole, after all.
“Trading is not getting more expensive by any means”
“BEST is continuously reaching all-time highs; right now we can see a 160% increase. So naturally, the appeal of our monthly BEST Rewards loyalty program is increasing,” said Paul Klanschek, CEO and co-founder of Bitpanda. “Trading does not become more expensive at all. Through BEST, Bitpanda users currently get a 20 percent discount on fees and BEST are always redeemed at the market price. So it basically doesn’t matter if BEST trades at 0.2 euros or 2 euros, because higher prices simply mean you pay fewer pieces of BEST for trading.”
BEST is actually used to get cheaper trading and deposit fees at Bitpanda – so it’s a voucher token that can be redeemed for certain benefits. Users are also regularly rewarded with BEST. You can get Rewards if you make a trade at least once a month. So it’s a smart customer loyalty program.
BNB is also growing strongly
BEST is most comparable in the market to Binance Coin (BNB), one of the leading crypto exchanges. The utility token can be used to pay for trading fees at Binance, for example, but is also traded briskly on other, smaller exchanges. BNB is the eleventh largest crypto asset in the world by market capitalization (more than $6 billion). A year ago, BNB was around $15, but since then the price has tripled.
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