Second Open Market Purchase: COMPLETE
1% of Total Supply Burned
Exciting News:
unFederalReserve is thrilled to announce that our second open market purchase has been completed. We accepted payment from a licensee and converted it into $eRSDL. Residual Token then burned the purchased eRSDL tokens as per our Licensing-As-A-Service model.
The transaction can be found here: https://etherscan.io/tx/0x20828ae8ffe168871dd142125b65bacac55121ac22236eaa2c7202c37f1340aa
As a result of the open market purchase, approximately 4.5 million eRSDL tokens, or 1% of total supply was acquired and burned.
To date, approximately 5.6 million or ~1.25% of total supply has been burned.
Background:
ReserveLending is operated by a team separate from the intellectual property group that made the software, and must license unFederalReserve’s software. The granting of a license consists of three types of information: identity, payment and term. eRSDL as a digital marker works in combination with our wallets to capture, process and manage those three elements. The transaction is one part of a demonstration supporting eRSDL’s utility to track the license’s active status.
unFederalReserve powers ReserveLending, a product that allows digital asset holders to borrow and lend their crypto coins anonymously. This second open market purchase transaction is ReserveLending’s operators paying for that software.
About Residual Token, Inc. dba unFederalReserve
In business since 2018, Residual’s team of former bankers, technologists, and compliance professionals have been exploring ways to make crypto lending and borrowing markets safer and traditional markets more efficient. They currently have in development a handful of blockchain-based software available for license. Its flagship product, ReserveLending, allows permissionless access to crypto holders to deposit, earn and borrow top digital assets safely, efficiently, and effectively for cash management, hedging, or speculative purposes.
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