Cryptocurrency exchange Binance has announced a new campaign in which $16 million worth of SXP will be distributed to those who hold the exchange’s own cryptocurrency, BnB, in their account.
Binance $16 million worth of SPX distribution
According to the statement, 16 million SXP worth $4 million will be issued at Total current prices in a 12-week period. The distribution will be made weekly and the amount to be distributed will be determined by the average weekly daily BnB number of each Binance user.
The stock market will start recording BnB balances to calculate the average amount of BNB held weekly. To qualify for the award, users must hold at least 0.1 BNB or more per week.
Distribution of SXP tokens will be covered from existing circulating supply and purchased from the market.
Swipe, a digital wallet app, and crypto debit card provider that supports multiple entities that allow users to buy, sell, and spend a variety of cryptocurrencies, was recently acquired by Binance. After that acquisition, the price of Swipe’s SXP token jumped nearly 800 percent from $0.57 to over $5.
