What is WhiteBIT Token (WBT)? A review of the project

Photo - What is WhiteBIT Token (WBT)? A review of the project
WhiteBIT Token (WBT) is the native token of the WhiteBIT ecosystem, which includes the WhiteBIT cryptocurrency exchange and its associated projects. Token holders receive a number of benefits.

Project mission

WhiteBIT is the largest European crypto-to-fiat exchange, providing a secure and user-friendly platform for all users. The project's main goals are to lower the entry barrier to the crypto industry, facilitate the widespread adoption of blockchain technology, and expand the cryptocurrency community. With a focus on security and customer satisfaction, WhiteBIT has become a leading player in the crypto space. It provides a seamless trading experience and innovative features.

WhiteBIT cryptocurrency exchange was founded by Vladimir Nosov in 2018. It is listed in the TOP-50 on both Coinmarketcap.com and www.coingecko.com, with over 3 million registered users and an average daily trading volume of $2.5 billion.

WhiteBIT's multi-vector ecosystem encompasses the following products:

  • WhiteSwap – a decentralized exchange on the Ethereum blockchain;
  • Bitcoin Global – a P2P cryptocurrency exchange platform;
  • Whitepay – a system for processing cryptocurrency payments, which also became a platform for raising funds for Ukrainians after Russia's full-scale invasion;
  • Gagarin Show – the world's first entertainment and educational show dedicated to cryptocurrencies.

WhiteBIT has formed partnerships with a variety of organizations, including the virtual bank Monobank, mobile operator Lifecell, the electronic government service platform Diia, the esports platform FACEIT, and the Ministry of Foreign Affairs of Ukraine. Additionally, the crypto exchange is a partner of the United24 fundraising platform, providing a means to accept both fiat and cryptocurrency donations to support Ukraine. These partnerships demonstrate WhiteBIT's commitment to introducing cryptocurrencies and blockchain technology to a wide range of industries. In addition, they demonstrate its dedication to supporting social and charitable causes.

In May 2022, during a charity auction hosted by the Kalush group, the pink Panama hat and crystal microphone of the winner of Eurovision 2022. The organizers donated $900,000 towards the purchase of unmanned aerial vehicles.

In May 2022, during a charity auction hosted by the Kalush group, WhiteBIT purchased the pink Panama hat and crystal microphone of the Eurovision 2022 winner. The organizers donated $900,000 to purchase unmanned aerial vehicles.

WhiteBIT Token (WBT): Everything you need to know

Its purpose

WhiteBIT Token (WBT) is the native token and a full-fledged infrastructure product of the WhiteBIT ecosystem. It was launched in 2022 on the Ethereum (ERC-20) and Tron (TRC-20) blockchains.
WBT is intended for use on the WhiteBIT exchange and other WhiteBIT services. Token holders receive benefits for owning and holding WBT, including:

  • Reduced trading fees;
  • Referral rate increase;
  • Cancellation of blockchain fees (free ETH and ERC-20 withdrawal);
  • Free AML checks.

The developers plan to make WBT not only a valuable and reliable asset, but also a platform for blockchain startups. To maintain the cryptocurrency exchange's stability, a portion of WBT is used to finance funds for supporting and developing it. In 2023, the transition of WhiteBIT Token to its own blockchain is scheduled, with the potential of connecting to DEX, Layer 2, metaverses, and cross-chain networks.

WhiteBIT utilizes internal and external tools to promote WBT and bolster loyalty among its holders. These tools include rewards for activity on the platform, trading tournaments, airdrops, and collaborations with influencers. 

Allocation and emission

WBT's maximum supply is 400,000,000, and no new tokens will be issued.
Source: White Paper WBT

Source: White Paper WBT

The distribution of all WhiteBIT Tokens (WBT) was as follows:

  • 120 000 000 – tokens allocated to trust funds that are available at the time of listing and used for their intended purposes;
  • 200 000 000 - those are Treasury Tokens that will be unlocked over three years.;
  • 54 000 000 – tokens were sold through private sale;
  • 1 000 000 – WhiteBIT launchpad for IEO;
  • 25 000 000 – sent to the burn address.

The distribution of 320,000,000 tokens among the funds is as follows:

  • 28,125% – WBT Liquidity Fund
  • 28,125% – are Treasury Tokens;
  • 10% – Team Tokens;
  • 7,5% – for Ecosystem Fund;
  • 7,5% – User Engagement Fund;
  • 7,5% – Crypto Lending Fund;
  • 3,75% – to Insurance Fund;
  • 3,75% – to Security Fund;
  • 3,75% – Influencers Fund. 

A cryptocurrency exchange buys and burns WhiteBIT Tokens (WBT) until half of all tokens are eaten by the eater addresses. To achieve this goal, an amount of WBT is repurchased weekly, corresponding to 33% of trading fees and 5% of other revenues earned by the exchange (AML, withdrawal fees, margin trading fees, etc.).

The current market situation

As per the data from coingecko.com at the time of writing, the circulating supply of WhiteBIT Token (WBT) is 61,798,409. The coin is trading at $4,66, with a market capitalization of $287 088 162 and a daily trading volume of $9,310,587.