Shiba Inu, one of the popular cryptocurrencies, recently devised a project in collaboration with Ryoshi Vision to let investors burn their SHIB coins to earn rewards. It is called the SHIB Burn Portal. However, it could not convince SHIB holders. Blame the portal’s slow rewards redemption process. To alleviate their frustration, the cryptocurrency has announced a new Visa card that lets SHIB holders set their tokens ablaze for rewards.
The SHIB Visa card will allow investors to burn their SHIB tokens, hopefully through a faster process than that of the cryptocurrency’s ill-fated portal. The rewards will be available sooner than they are on the latter. And that is how Shiba Inu hopes to bring its investors about to burning their tokens, if not anything beyond.
What is crypto burning?
Crypto burning is a process involving removing crypto tokens permanently from circulation by transferring them to a dead address or a wallet so that they cannot be brought back. Investors favour burning because this is how they are able to exhaust their holdings by selling them at current prices. Their limited supply makes the asset less prone to fluctuations than the one with an unlimited supply. But it may or may not mean your fixed assets will get you an increased value.
Shiba Inu made the announcement through its burn tracker account but did not reveal much about it. It posted a three-second video showing an orange Visa card with SB etched on it. The slogan for the card is “Make Payments, Burn SHIB.” It is likely to be available soon, but when is something the cryptocurrency will release later.
The rewards system of the SHIB Visa card should be in line with the one the SHIB Burn Portal uses. The incentives are credited to an investor’s account in the form of ‘burntSHIB’ tokens. Holders can redeem these tokens against rewards — in the case of the portal — as Ryoshi tokens. Ryoshi token is a fan-created utility token. This reward mechanism is applicable to the SHIB Burn Portal, but for the SHIB Visa card, we will have to await more details in the coming weeks.