One of the leading bitcoin pools unveils plan to address its liquidity crisis
Poolin will issue special IOU tokens as debentures
The assets will accrue according to the snapshot and replace custom cryptocurrency with them
Coin distribution set for 15 September 2022
Representatives of the Poolin mining pool are trying to overcome the liquidity crisis. To do so, the company intends to issue digital debentures to be distributed to affected customers.
Last week, the bitcoin pool froze the issuance of funds due to financial problems. The company’s CEO Kevin Pal admitted that his platform was facing liquidity shortages.
Poolin’s management promised to unveil a plan to address the crisis soon and today the first details of the scheme emerged.
The mining pool will issue special “debt” tokens – IOU (I Own You). In total, Poolin will create six types of ERC-20 tokens on Ethereum that will replace the underlying user assets. The coins in question are the following:
IOUBTC;
IOUETH;
IOUDoge;
IOULTC;
IOUUSDT;
IOUZEC.
Poolin will credit users with “debt” tokens according to the snapshot. The original cryptocurrencies will be automatically replaced in wallets and the mining pool by the IOU version. The distribution of coins will take place on 15 September.
The platform will gradually burn some of the tokens, allowing users to exchange them for previously blocked assets. As the liquidity situation improves, the company will ramp up the disbursement rate.
IOU tokens can be used to buy mining equipment, trade and buy Poolin US shares. In addition, the coins will be accepted as collateral by the lending service.
