Exchanges have long evolved into something a lot more than just providing a medium for swapping between different cryptocurrencies.
The industry is growing at an unprecedented rate, and, despite the ongoing bear market, users remain in need of multiple solutions brought under the same roof.
Kanga Exchange is a Polish-based cryptocurrency exchange that combines a lot of different functionalities and provides a complete user experience within one platform.
What is Kanga Exchange?
Kanga Exchange brings forward a dynamically developing system of both tools and services focused on FinTech, designed to promote and facilitate the growth and adoption of cryptocurrencies.
Above all, the fundamental field of operations for the company is its cryptocurrency exchange – which launched in September 2018.
However, ever since then, the platform has been expanding at a steady pace, and the package of services now includes:
- Kanga Wallet
- Kanga Cash
- Kanga Club
- Kanga Pay, and more.
Being a multifunctional cryptocurrency platform, the exchange’s core product remains the spot market, where users can trade some of the most popular coins, such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Chainlink (LINK)
- Polygon (MATIC) and more.
The exchange has locations throughout Europe and beyond, such as Poland and the Czech Republic, and the founders also like to emphasize their presence in the United Arab Emirates as just starting points for the expansion.
The KNG Token
Most of the cryptocurrency exchanges have issued their own native token that powers up their ecosystems. Examples include Binance’s BNB token, Uniswap’s UNI, and so forth.
The main purpose of these is to provide exchange users with various incentives and bonuses. Keeping this in mind, Kanga Exchange also created its own cryptocurrency called KNG.
More interestingly, the platform becomes one of the first in Europe to conduct a historic buyback of KNG tokens worth at least $1 million. The entire procedure will be carried out openly in a way where everyone will be able to watch it live. It will start on December 1st and will last for 100 days.
Committed to full transparency, the team has also explained how these tokens will be distributed after the buyback.
Half of them will go for staking rewards as a show of gratitude towards their loyal users. Holders of KNG will receive staking rewards that are generated from all the revenues of the platform.
In addition, there will also be a KNG token burn. The number of tokens that will be allocated for burning will depend on the market price of the KNG token at the time of the buyback. The creators have decided to allocate at least half a million for this.