press release {/netabare}
PRESS RELEASE: Waterport Place (GIB), March 20, 2023
– Digital Asset Management Limited and Damex Group (“Damex” or “Damex.io”), a distributed ledger technology provider based in Gibraltar, recently announced the launch of a new token that can be used along with other non-fungible tokens (NFTs) within the Damex app Damex Token ($DAMEX), a utility token IEO that can be used along with other non-perishable tokens (NFTs) within the Damex app and earn rewards for adopting a healthier and more active lifestyle.
Damex announced the token IEO on April 19, Its utility will be operational and tested in the first quarter of 2023, and future development of both the Damex Token and the Damex App is planned throughout the year. Total supply is 370 million Damex Tokens.
The goal of these new services offered by Damex is to encourage users to become healthier individuals, as well as to promote education and environmental sustainability regarding cryptocurrency.
What do users get in exchange for betting Damex tokens?
For example, when a user invests 5,000 Damex Tokens, they can become a VIP Premium Member and receive zero exchange fees while using the Damex app. Premium membership entitles the user to the following benefits.
- Access to top-level exercise challenges
- Get a Premium Member Card
- Unlock cash back incentives at all tiers
- Get early access to new Damex features
In the first private sale of Damex Tokens (Q4 2022), Damex raised $3 million; in the second private sale (Q1 2023), Damex raised $1 million; in the third private sale (Q1 2023), Damex raised $3 million; in the fourth private sale (Q4 2022), Damex raised $3 million.
The core Damex Token will be created on Ethereum and then bridged to other blockchain protocols such as Solana and BSC. Besides being used for staking and rewards, the Damex Token will allow users to vote on key features within the Damex ecosystem and key features including the list of Damex Tokens and the Damex App functionality.
Damex is also introducing a buy-back and burn program where 20% of profits will be used to purchase Damex native tokens from the market. Tokens are either burned or used as an incentive to users.
Users are rewarded for completing challenges that change every three months. In addition, NFT rewards change monthly. For example, if a user completes the Marathon Challenge with a goal of 60,000 steps, the equivalent of the London Marathon, the user will receive standard rewards such as 0.10% cash back and 10% off exchange fees. Premium members receive 0.15% cash back and VIP Premium members (5,000 Damex Tokens) receive rewards such as 0.2% cash back, free NFT airdrops, and zero redemption fees on the Damex platform.
Damex Token is invested by several investors including.
- CSPDAO
- Whale City
- Odin Capital
Image credits: Shutterstock, Pixabay, Wiki Commons
