- XRP Healthcare has announced a new plan for its native token.
- The Web3 company aims to foster the token’s scarcity.
- The company said the token’s scarcity is a “critical component of appeal.”
Blockchain-centric Pharma and Healthcare platform XRP Healthcare announced on Monday a strategic move to stop its XRP to XRPH token swap facility as a response to the “unprecedented demand” for XRPH tokens.
XRPH is XRP Healthcare’s native token and its utility can be leveraged to buy a range of healthcare products and services at the company’s decentralized marketplace. As of press time, the token was trading at $0.04718 with a circulating supply of 70,708,715 XRPH, CoinMarketCap data shows.
Driving XRPH Token Scarcity
In a press release dated May 27, XRP Healthcare said that it would stop its new swap feature on June 7 this year or as soon as the company’s XRPH Swap facility tokens “have been depleted.”
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The company stated that the move was informed by the need to preserve the finite supply and availability of XRPH tokens, ensuring that they can continue to be used in up to 68,000 pharmacies, such as Walmart, CVS, and Walgreens.
According to Laban Roomes, Business Development Officer at XRP Healthcare, this proactive approach embodies the supply control mechanisms employed 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 halting the token swap facility, XRP Healthcare is also keen on blackholing XRPH’s issuing account to prevent further issuance of the token.
Read how XRP Healthcare recently became a network validator:
XRP Healthcare Advances as XRPL Network Validator
Stay updated on the XRP vs. SEC legal battle:
XRP vs SEC Legal Battle Heats Up, Will Price Feel the Burn?
