CBNK Ltd. Announces CryptoBank Mobile Application Update and Withdrawal of Existing Acquisition
CRYPTO BANK, a virtual asset total financial solution, announced that it has added virtual asset management and friend remittance functions through an update to its mobile application.
The contents added through this update are as follows. It is possible to check the status of virtual assets through exchange API linkage. Currently, it supports linking with Binance, Huobi, and Coinone exchanges, and plans to add support for continuous linking with major exchanges in the future.
Through friend registration, virtual assets can be easily transferred. The existing method of remittance of virtual assets had to copy and paste long and complex wallet addresses one by one. However, in the CryptoBank mobile application, it is possible to send with just a few simple touch operations through friend registration.
A merchant recommendation function has been added. This is a promotion to secure more active platform users and expand usage, and a portion of the fees paid by users will be paid as a reward to affiliates registered as recommenders.
Lastly, through partnership with Coiness, a news feed corner where you can check the status of the virtual asset market in real time has been added.
After this update, CryptoBank completed the merchant payment test to commercialize payment of virtual assets and secured additional merchants through partnerships with VAN (Value-Added Network) and PG (Payment Gate). We plan to make real-time payment of virtual assets possible in this way.
On the other hand, Cryptobank Foundation CBNK Ltd. has announced that it has decided to withdraw from its existing acquisition of the gold-based virtual asset project TMTG and a bio-health platform virtual asset project Luxbio (LBXC) since the uncertainty of the rapidly changing virtual asset market is unstable at this point. This applies to the existing buyback and burn policies for TMTG and LBXC.
CBNK Ltd. announced that it would carry out a mid- to long-term buyback and burn plan to reduce the circulation of TMTG and LBXC by 50% of the issuance by the end of 2025 in early 2021. The decision was made to cancel the existing plan, as it could lead to interventions with negative consequences. In addition, CBNK Ltd. said that it expects that TMTG and LBXC will focus on their respective projects and put more effort into developing their own platforms and commercializing services with the withdrawal of the acquisition.
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