- Fintech Ternio has decided to burn 10% of its supply on Stellar Lumens (XLM) to launch an ERC20 token on the Ethereum blockchain.
- Ternio has raised $1,000,000 from 3,842 investors in a closed financing round during the first half of June 2020.
Fintech Ternio announced a 10% burn of its supply on the Stellar Lumens network. The Ternio team made the decision after receiving feedback from the community that the adoption of their TERN token will be higher by launching an ERC-20 option on the Ethereum blockchain.
Ternio is a global fintech, according to its website, based on blockchain technology. The platform was created as a bridge between the traditional business sector, banks and other institutions. The company aims to make digital assets useful in the real world. Ternio’s products allow for instant remittances and the transfer of value on the blockchain in a regulated manner and in accordance with existing regulations.
TERN token launched on Ethereum
According to Ternio, Ethereum is not only the second largest cryptocurrency by market cap, but it is also a blockchain platform with wide acceptance for tokens support. The launch of TERN on Ethereum corresponds to a need to include more users and companies that use this platform and are unfamiliar with Stellar Lumens. In addition, Ternio seeks to increase the number of exchanges and wallets that support TERN. Ternio claims that Ethereum has more than 100 million users that are growing by 100,000 daily. Therefore, Ternio affirms:
Our ultimate goal is to drive adoption of TERN and usage of Ternio products like BlockCard. That is why we are happy to announce that we will be making an ERC-20 version of TERN available. This will immediately make TERN available on many exchanges and wallets that support ERC-20 tokens.
Consequently, Ternio will burn 10% of its total supply of 1 billion TERN on the Stellar Lumens blockchain. In other words, 900,000 TERN will remain on Stellar and 100,000 will migrate to Ethereum (ETH). The company is burning the token in order to not alter the total supply and thus prevent the token’s price performance from being affected. For the TERN holders on Stellar, things will remain basically the same.
Ternio also stated that it will take some time for their products, such as Blockcard, to be available and migrated to Ethereum. In addition, the fintech stated:
Once that happens for the ERC-20 version of TERN, then it will be implemented as a depositing asset on BlockCard sometime in the future. When depositing on BlockCard, users will be promoted to select which version of TERN they want to use (Stellar or Ethereum based).
On June 13, 2020, Ternio received one Million USD in a funding round that involved 3,842 investors. The Fintech plans to expand into the European Union and more than 150 countries globally in the coming months. The company expects that the money raised will multiply its annual earnings by more than 20 times.
We burned 100,000,000 TERN from the Stellar chain and made them available on Ethereum! ⤵️https://t.co/rmecvjyXvM#AllRoadsLeadToBlockCard #cryptonews #blockchain #bitcoin #eth #GetBlockCard #cryptocurrency pic.twitter.com/zN2LJg9PFC
— Ternio 💳 (@terniotoken) June 26, 2020