Bitrue, the cryptocurrency exchange that regularly clears over $1 billion in daily volume, has announced that it will be supporting the upcoming Symbol (XYM) token airdrop. To create a market for the new token at the earliest opportunity, Bitrue will be offering trading through an IOU system.
Airdrops are a popular way for emerging tokenized projects to bootstrap adoption by issuing their native asset to existing crypto communities. This incentivizes token holders who receive the new cryptocurrency to utilize it for trading purposes, while raising awareness of the project in question.
NEM Holders to Receive Symbol Token
XYM is the native cryptocurrency of the Symbol blockchain, a public distributed ledger. XYM acts as a payment mechanism for the platform, facilitating transactions and incentivizing the network of node validators that process and transcribe all of Symbol’s transactions. Built as an enterprise-friendly blockchain from the development team behind NEM, the Symbol blockchain can reduce costs and complexities experienced across organizations while “putting much needed trust back into their value chain.” Symbol has a vast range of potential use cases, mainly focused on helping organizations cater to their data recording and auditing needs.
This intriguing new blockchain, developed by the team behind Nem, is sure to garner interest from entities operating across various sectors, and future XYM holders will be able to utilize their tokens before the network even launches.
What Is IOU Trading?
Derived as an abbreviation of the phrase ‘I owe you,’ Bitrue’s IOU trading system will allow future XYM holders to start trading their due XYM tokens before the airdrop commences. This is possible because the XYM airdrop is based on a user’s holdings of XEM, the cryptocurrency of the Nem network, so every XEM wallet holder will know precisely how much XYM they are due once the blockchain snapshot takes place. This snapshot, evaluating the amount of XYM to be distributed based on the size of a user’s XEM holdings, will allow Bitrue to create an ‘IOU’ form of XYM tokens for its users to start trading with instantly.
Since these are not real XYM tokens, they will not be able to be withdrawn from the exchange. Still, they can be freely traded against the XRP trading pair, Bitrue’s base tradable asset, allowing users to capitalize on this latest airdrop instantly. The XYM team has not yet announced the exact time for the snapshot, but Bitrue’s IOU tokens will be launched at least 24-48 hours in advance of XYM’s mainnet launch. Users will receive XYM on a 1:1 basis according to their XEM holdings on the snapshot date.