Poolin Will Provide ‘IOU’ Tokens After Withdrawal Freeze –

• The Bitcoin Mining Pool, Poolin, will issue IOU (I Owe U) tokens.
• The withdrawal of this IOU token is unlimited.
• On September 4, 2022 the firm suspended all withdrawals to preserve assets and stabilize liquidity.

On September 13, 2022 Poolin Wallet made an announcement on the adjustment of products and services. The firm shared a post in its official Medium account with its phasic progress, initiatives to the liquidity issue, and associated products and service adjustments.

Poolin Wallet’ IOU Tokens Scheme

Poolin team has launched the IOU token scheme that will decrease the impact of withdrawal suspension. The supply, demand, and properties of IOU tokens will add intuitive and various options along with easy-to-use operations.

Poolin Wallet will issue six IOU-tokens, that are IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC, and IOUDoge. It will represent users’ original holdings of BTC, ETH, USDT, LTC, ZEC, and Doge, respectively at 1:1 ratio. The distribution of IOU-tokens will be accomplished on September 15, 2022 at 4:00 PM, GMT+8, when the actual holdings of BTC, ETH, USDT, LTC,ZEC, and DOGE will be replaced in both the assets and mining pool account of users.

However, the users can withdraw their IOU-tokens at any time because the withdrawal of these tokens are unlimited. It will be approved rapidly and automatically.

According to the post, Poolin Wallet will resume the withdrawals. All the deposits of any tokens or coins after September 15, 2022, GMT+8 will not suffer from the withdrawal issue and the mechanism of IOU-tokens. The token withdrawal of Mars Project-related pBTC35A, pETH18C, Mars, and associated yields of wBTC, ETH, Mars, would not be affected.

Lastly, the firm added that the Trade and Earn will stay ‘Out of service’ until the withdrawal issue is relieved. Also, the token-turnover functions will be online in a week.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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