The team behind striving crypto platform Ternio (TERN) has decided to burn 100,000,000 TERNs on the Stellar Chain and make them available on Ethereum, signaling that the platform is partially dumping the Stellar Chain.
The sudden action comes shortly after Ternio raised over $1,000,000 in its maiden equity fund offering early this month on Republic.co.
The team members say after growing the Ternio userbase, some still question why the TERN token does not have an ERC-20 option. Therefore, the team says it decided to burn 100,000,000 TERN on the Stellar chain and make them available on Ethereum.
In the update, the team clarifies that it will only be burning 10% of TERN on the Stellar network to achieve the goal of bringing TERN to Ethereum.
The idea, according to the team, will make TERN available on different exchanges since Ethereum, the second-largest digital currency platform, has gained prominence in the cryptocurrency space and people are much familiar with it. Ternio team says the action will make TERN garner more, as the token gets space on wallets supporting ERC-20 tokens.
The Terno team says it has been working sleeplessly for the past two years to bring wide coverage and adoption to the TERN ecosystem with BlockCard, and has achieved greatly in this area to the extent that TERN can be compared with cash since the BlockCard can be spent at more than 50 million merchants across the globe.
As the number of TERN holders increases, it becomes pertinent to allow diversifications, says TERN team, furthering that it made the step to make BlockCard available to crypto users worldwide.
The decision to burn some TERN tokens on Stellar Chain and make them available on Ethereum will make BlockCard an ubiquitous platform helping users convert digital assets into a real-world utility while also granting them the power to control their funds.
The team says existing users do not have to panic or do anything. The BlockCard will not stop function has it has been doing in the past.
Recently, Ternio launched it store making use of Ethereum, IPFS, and GPS. The progress was made possible through a partnership with Origin Protocol. Users of the store can pay in either ETH, ERC-20 token, or make use of BlockCard.
The store offers different products like Hoodies, kids’ clothes, hats, footwear, phone accessories, and some other valuable products.