SOMESING(SSX), to carry out 700 Million Tokens burning & Permanent freeze!!

*Token burning of unnecessary supplies among reserves allocated for In-App purchase and ecosystem at the time of initial issuance according to the project expansion

*Considering the upcoming launch of a Japan-oriented SOMESING service based on LINE blockchain, Klaytn-based 700 million SSX tokens are to be burned and freezed

*Permanent freeze of SSX tokens in Upbit exchange’s ERC wallet incorrectly deposited due to deposit address error when listed on Upbit…

SOMESING, a blockchain-based social karaoke app, has announced the additional token burning and the permanent freeze of SSX tokens kept in Upbit. This is the second token burning since its initial 300M token burning that was carried our August 10, 2020.

Kim Heui-Bae, a CEO of SOMESING, explained, “When initially launching SOMESING project, we decided to issue 6 billion SSX as the total amount of issued tokens in consideration of SOMESING’s future global expansion.”

“We estimated that Japan’s share in the global market was around 10% to 12%, and as recently announced, we have been developing LINE blockchain-based service for the Japanese market. That’s why we decided to carry out Klaytn-based SSX token burning considering the amount of token that will be issued on LINE blockchain and the additional token burning plan will be closely monitored according to the SOMESING’s business progress in the Japanese market” he added.

An official of SOMESING said, “The 700 million tokens that will be burned and frozen this time are equivalent to 11.6% against the initial issuance of 6 billion, and the 646 million SSX of which will be burned from the amount allocated to DEX, a payment-ready token pool for community and in-app purchase. It is considered the real future distribution of SOMESING services. Also, 54 million tokens that are permanently frozen are those that were mistakenly deposited to ERC-based addresses due to a deposit address error when SSX was listed on the Upbit BTC Market on November 27, 2020 and are permanently frozen in the ERC wallet within the exchange after consultation with Upbit.”

Meanwhile, SOMESING recently achieved over 600K downloads while it is expanding businesses by signing the agreement with Delio to develop and open the virtual asset staking service using SOMESING token (SSX), signing a four-way joint business agreement including ‘Dasan Books’ to find OST singers from the public and signing a partnership with MiL.k project to increase the utilization of mutual services through collaboration between platforms.

In addition, on November 13, 2020, it was selected as the best start-up company in the blockchain field at the “2020 ONTACT GRID Final Pitching” organized by the Busan Center for Creative Economy Innovation in Korea. Currently, it is under development with the goal of launching a LINE blockchain-based SOMESING service in Japan.