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Bitrue, the Singapore digital asset management platform, announced it added voting rights to its native token BTR. This way, the exchange further diversified the utility of its token as it now lets users bring projects to the exchange.
Bitrue doesn’t plan to stop here as it pledged to continue supporting the token with more features and utility development.
"When we launched BTR in the summer of 2019, we promised that we would continue to develop further utilities for the coin, including the ability to use the coin to vote on key decisions such as listings. We’re ecstatic to be delivering on this promise today," said Adam O’Neill, Chief Marketing Officer of Bitrue.
The voting process implemented by Bitrue asks BTR users to stake tokens for 7 days to support their favorite project. Over the course of this 7-day process, users are rewarded with a percentage return on the coin they are supporting. Ultimately, a coin that exceeds the set threshold of support will become an asset available for public trading on Bitrue.
Bitrue is also seeking to engage with the crypto community as it enabled crowdsourcing from Twitter, where users will be able to support projects they want to see listed. The first round of voting is due to start at the end of this month and the focus will be on more promising projects.
"Bitrue Coin continues to be one of the main focuses for us as we continue developing Bitrue. We have many more plans in the works to add value to our coin, which we hope to start sharing very soon," continued Mr. O’Neill.
The crypto exchange was launched a year before their native token BTR to offer services of trading, lending, and investing. BTR has increased in market valuation by over 200% since the launch as it can be used to lower trading fees on the exchange and receive incentives from investing in available cryptocurrencies.