As the time approaches for our OBT listing announcements, we wanted to first introduce the OBT token to our community and give you an understanding of what it is and what it’s used for.
What Is OBT?
The OBT token offers a wide range of rewards, perks and benefits, applicable to the whole growing Oobit ecosystem. The Oobit token is a decentralized digital asset based on Ethereum with a limited total supply, issued by Oobit. The key idea in creating OBT is to significantly lower costs within the crypto space, and when using the OBT token you pay fewer fees for all the different crypto services.
Benefits of OBT
Invest - Save up to 50% on trading fees by qualifying for our VIP Program.
Transactions & Payments - OBT holders have the ability to transfer crypto assets worldwide within seconds, paying no transaction fees when sending to a mobile phone number.
Card - Earn higher cashback on purchases with more free ATM withdrawals and international transactions using Oobit Visa Card.
Interest - OBT can be bonded within the interest accounts to earn interest rates higher than experienced across the average crypto assets in the market.
Stake - Stake OBT in one click to earn rewards using Oobit Vault.
The OBT minting was implemented in 2021, with all 1,000,000,000 (1 billion) ERC-20 tokens minted at once and distributed and held by Oobit management. At the time of writing, 24,339,154 OBT (24 million) have entered circulation, roughly 2.4% of the total supply.
Token allocation is as follows:
- 45% set aside for company reserve
- 20% allocated to the seed sale.
- 15% allocated to founders and team members.
- 7% set aside for rewards.
- 13% allocated to token circulation.
How Is the Oobit Network Secured?
As the Oobit token is built on top of the Ethereum blockchain, it is currently secured by the proof-of-work (PoW) consensus mechanism. As an ERC-20 token, owners can stake it and benefit from staking rewards. The platform also functions as a secure MPC and cold wallet backed by GK8, and hosts its own OBT tokens.
OBT is currently in the process of being listed on several exchanges, more details to follow in the near future. In the meantime, users can earn OBT by completing tasks on the platform as outlined above.