Fifth BEST burn: We burned more than €12 million in BEST in our strongest burn yet!

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The first BEST burn of this year was just completed and we have burned (destroyed) 35,722,204 BEST – the equivalent of €12,002,660! We’ve seen some very strong weeks towards the end of 2020, which have been beneficial to the amount of BEST burned just now. Just to compare: Our previous burn took place on the 29th of October, 2020 and we burned 28,309,516 BEST – the equivalent of €2,462,928. These burn events will take place every quarter and will continue until 50% of the total tokens are destroyed. In this blog post, Bitpanda CEO, Paul Klanschek, gives some insights on the burn and some exciting BEST news.

Dear Bitpanda community,

I am happy to announce that we just completed our first BEST burn of this year and fifth burn overall! I would like to thank you all for claiming your BEST Rewards and using BEST for paying trading premiums and fees on Bitpanda and Bitpanda Pro! We are glad to see the increase in the number of users using BEST each month.

Don’t forget that the BEST we burned is made up of the BEST tokens collected from users who use them to pay for trading premiums and fees on Bitpanda and Bitpanda Pro.

Once again, during today’s burn event, we have destroyed more than 25% of the BEST used for paying trading premiums and fees in the time between the 29th of October, 2020 and today. Regular token burns are part of our overall strategy, you can read Bitpanda’s vision paper to learn more.

All the information regarding the fifth BEST burn, including the total supply and the burn transaction can be found here.

Latest news and updates on BEST

BEST Rewards claims up by 33% month on month

As most of you may know, you can increase your BEST holdings by up to 12.68% a year with our BEST Rewards loyalty programme. It is great to see that the number of users claiming their BEST rewards is increasing each month – we also hit yet another all-time-high in December and January! In fact, we have seen more than a 33% increase in the number of users claiming their BEST Rewards since December and I can’t wait to see the numbers for the upcoming months.

Exclusive Bitpanda Card benefits for BEST VIPs

We recently unveiled the Bitpanda Card which can now be pre-ordered. As a BEST VIP, you can get exclusive benefits, including up to 2.00% cashback in Bitcoin (BTC), earn unlimited free ATM withdrawals and also FX fee reductions. You can see all the benefits here.

Fourth BEST VIP Coin Vote

On the 24th of November, 2020, we announced our fourth BEST Coin Vote, where our BEST VIP holders get to decide which coins and tokens they would like to see listed on Bitpanda next. All the details are in this article. BEST VIP Coin Votes take place on a regular basis, so stay tuned for the next one.

Outlook for 2021

We have also made some BEST-related changes in 2021. As of the 1st of January, 2021, we have reduced the BEST fee collection discount to 20% and increased the BEST minimum value for the BEST fee collection to €0.132. If the BEST price is above €0.132, the respective market price will be considered when you pay trading premiums on Bitpanda and Bitpanda Pro. Of course, we are also preparing more exciting features for you in 2021.

Upcoming BEST burns

We have already shared dates of our upcoming burn events with you and here is a small reminder: the next BEST burn will take place in April!

I am very excited about the latest developments of the BEST price as well as our upcoming features. BEST will keep playing an important role in our overall strategy for Bitpanda, just like in previous years. As we have lots of news coming up this year, make sure to follow our Blog and social media channels to stay up-to-date.

We have many exciting projects planned for 2021 and I’m happy to have such a great team and users who stand by Bitpanda’s vision.

Paul Klanschek

CEO and co-founder of Bitpanda

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