What Is CoinBurp (BURP) And How Does It Work? | KuCoin Crypto Gem Observer

2021/07/22 09:55:00

Right now, we seem to be at a crossroads. On the one hand, CeFi remains popular, easy to use and the go-to for newcomers. At the same time, we have a growing DeFi market, where security is highly regarded and reflects the true objective of the crypto market.

How can DeFi attract more users? CoinBurp seems to have the answer. It is building a ‘Coinbase for NFTs’, drawing from its roots to create a wallet that easily brings together the centralized and decentralized worlds with an emphasis on the hottest products right now: NFTs.

What is CoinBurp?

CoinBurp is an NFT-first crypto wallet. It is also ranked the No.1 UK-based crypto trading platform by TrustPilot. The wallet connects the worlds of CeFi and DeFi, underpinned by the BURP token, its own utility and governance token.

One of the main purposes behind the creation of the wallet was the need to make DeFi more accessible. Building from its already established CeFi services, CoinBurp set out to create a DeFi wallet that would make it easier for newcomers to enter the DeFi market. CoinBurp has integrated the U.K Faster Payments Service (FPS) for GBP deposits and open banking for those in Europe to make direct deposits to their Euro wallets.

NFTs are a particular focus for the project, with non-fungible tokens being a major use case and drawing users into the decentralized side of things. Ultimately, CoinBurp’s goal is to become the Coinbase for NFTs.

How does CoinBurp work?

CoinBurp consists of the website and wallet. The website operates as a trading platform where users can buy crypto using fiat. The Ethereum-based DeFi wallet brings in elements from the DeFi world, namely NFT marketplaces and exchanges, along with lending and saving services.

The website covers many services on the CeFi side, such as a fiat on/off ramp, an FCA-registered exchange and insured fiat and crypto custody. One of the main strengths of the wallet is its ability to enable NFT purchasing directly using fiat.

Powering the wallet is a DAO, also being helped along by the BURP token which will be used for governance, among other things. Essentially, CoinBurp is bridging the gap between CeFi and DeFi.

Who created CoinBurp?

There are four founders behind the creation of CoinBurp.

First there are Peter Wood (CEO) and Bipin Bhanderi (COO), who together initially created the predecessor to CoinBurp Wallet in BitBroker, later known as CoinBurp OTC. This platform eventually grew, leading them to their new endeavor - facilitating transactions on their own platform.

This is when they took on Tom Allison (CDO) and Richard Howlett (CLO) who partnered together to create CoinBurp as it is today, setting its sights on creating a user-friendly NFT wallet along with the BURP token.

What is the BURP token?

The BURP token is used throughout the CoinBurp ecosystem for rewards, staking and more. The token distribution is as follows:

DAO/Staking/Ecosystem: 46%

Team: 25%

Advisors and Early Backers: 11%

Seed Round: 2.5%

Presale/SAFT 1: 5%

Presale/SAFT 2: 7.5%

Presale/SAFT 3: 2%

Public Sale: 1%

What is BURP used for?

BURP is used in a few different ways on CoinBurp and its ecosystem.

The token is used for staking. More specifically, holders will be able to stake their tokens in the CoinBurp Non-Custodial NFT Wallet. This will earn them APY and make them eligible for NFT raffles on the platform.

Next, the BURP token is used for governance of the DAO. Holders will be able to have a say in how the project progresses going forward thanks to the help of decentralization.

Otherwise, BURP holders will be in for a chance to receive exclusive NFTs from CoinBurp’s partners. The Sandbox, Avastars and NFT Boxes are some examples of these partners.

Closing Thoughts

Projects that help lead the way towards mass adoption of crypto are incredibly important. CoinBurp approaches this by tackling the barriers between CeFi and DeFi, using NFTs to make an incredibly open and user-friendly platform and wallet that will bring more people into the truly decentralized world.

CoinBurp is going about this in its own way too, having asked the community what was keeping them from investing in DeFi and then using that feedback to shape the trajectory of the platform. For these reasons, the BURP token has a lot going for it.

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