On August 1st, U.K. Financial Ltd., a company behind Maya Preferred 223 (MAPR), has performed the “forward split”, an emission of coins that dropped the price of the most expensive stablecoin in crypto history for 100 times in one day. And holders will love it. Want to know, why?
A forward split is traditionally when a stock splits and shareholders end up holding more after the split than they held before. This crypto incarnation of the forward split will see each Maya holder receive 100 MAPRs after the split for every 1 MAPR they held before. Anyone who owns Maya Preferred 223 at the close of business on July 31, 2019 has qualified for their share of the forward split tokens.
While holders have been given 100 free MAPRs, the price of the coin has accordingly been reduced by a hundred times at the close of business on July 31. This move has made the price of Maya Preferred 223 more affordable to investors. The split happened like this: Maya Preferred closed at $24,984.72 on July 31st 2019, and on August 1st 2019 Maya Preferred open at $250 per coin.
All coin holders have received 100 tokens for every individual coin they own (partial tokens also qualify) so the dollar value of their holdings is exactly the same. All the tokens have been transferred to the accounts at the Catex.io.
On August 1st, 2019, U. K. Financial Ltd. freezed the price of Maya Preferred 223 at $250 per after the split MAPR is traded exclusively on Cat.ex only for BTC and performs a 1 million token buying opportunity, open to the general public, at that frozen price till September 30th. These 1 million tokens represent approximately the total number of MAPR tokens that are available to the public. The close of the buying opportunity is September 30th and all the dividends will be paid no later than September 30th.
As Jim Dahlke, CEO and co-founder of Maya Preferred 223, says, referring to the upcoming split, ‘We have been considering this option for some time, and now it has been a perfect time for this move. Forward split let the investors see that MAPR is no more a crypto curiosity, being the most expensive stable coin ever. They see now, that the team steps forward to make MAPR more affordable to the end-user, and 60-days period after split is the best way for the new hodlers to get MAPR on special terms.’
The forward split hasn’t affected the way the coin works. The currency has the same amount of assets backing it after the split, but the ratio of the backing to each coin is adjusted to reflect the 100-time price reduction. Note, that each MAPR is backed by $34,000 per token in gold and silver from 11 gold and silver mines in Mexico.
The forward split follows Maya Preferred’s 223 recent efforts to provide stability to the crypto market. The Maya team has announced that they will be using their cryptocurrency to independently back other currencies for the benefit of the crypto industry as a whole.
Maya Preferred 223, developed by U.K. Financial Ltd., is currently traded on Cat.ex crypto exchange for $250
From June 26, 2019 Maya Preferred 223 is backing Bitcoin with gold and silver by transferred 21 million MAPR, an amount equal to the total number of Bitcoins, to escrow accounts.