Chinese Crypto Mining Service Provider To Issue IOU Tokens
The Poolin mining pool will issue tokens as IOUs to solve the withdrawal problem. As part of the announced decision, the platform will issue six types of ERC-20 tokens on Ethereum: IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC and IOUDoge. Each of them will represent the respective underlying assets 1:1: BTC, ETH, USDT, LTC, ZEC and DOGE.
Poolin will credit users with IOU tokens according to the snapshot, replacing cryptocurrencies with them both in the wallet service and in the mining pool. The distribution of coins will take place on September 15th. There will be no restrictions on the withdrawal of IOU tokens. The platform plans to burn part of the coins quarterly, allowing customers to exchange them for underlying assets.
It is expected that a gradual improvement in the liquidity situation will allow an increase in the rate of redemption of IOU tokens. Holders will be able to use the coins to trade, buy mining equipment, and buy shares in the American division of Poolin US. Also, the assets will serve as collateral in the lending service.
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