- XRP Healthcare has announced new plans for its native token.
- The Web3 company aims to increase the scarcity of its tokens.
- The company said the token’s scarcity is “an important element of its appeal.”
Blockchain-focused pharmaceutical and healthcare platform XRP Healthcare announced on Monday a strategic move to discontinue its XRPH token exchange facility on XRP in response to “unprecedented demand” for XRPH tokens.
XRPH is the native token of XRP Healthcare and its utility can be utilized to purchase a variety of healthcare products and services on the company’s decentralized marketplace. As of press time, the token is trading at $0.04718 with a circulating supply of 70,708,715 XRPH, CoinMarketCap data shows.
Promote XRPH token scarcity
In a press release dated May 27, XRP Healthcare stated that it will discontinue new swap features on June 7 of this year, or as soon as the company’s XRPH swap facility tokens are “depleted.”
The company said it took this action in response to the need to preserve the limited supply and availability of XRPH tokens, ensuring they can continue to be used in up to 68,000 pharmacies such as Walmart, CVS and Walgreens.
According to Laban Roomes, Head of Business Development at XRP Healthcare, this proactive approach implements the supply control mechanism used by Bitcoin and Ethereum.
“By halting the swap facility, we are taking a proactive approach to managing our token supply, much like the mechanisms seen in successful cryptocurrencies such as Bitcoin and Ethereum.” Roomes stated. “This ensures our consumers benefit from a finite supply of XRPH tokens which day by day are becoming increasingly scarce.”
In addition to suspending token exchange facilities, XRP Healthcare is also keen on blackholing XRPH’s issuing accounts to prevent further issuance of tokens.
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