Welly, a Shiba Inu-themed burger chain, has confirmed that it will start burning SHIB tokens.
The Naples-based company will start removing tokens from circulation “in different ways.” They include burning an undisclosed percentage of its net profits.
Welly says that it will reveal more details about its plan to boost the scarcity of the Shiba Inu cryptocurrency during an upcoming ask-me-anything session.
Prior to that, the company announced that it would distribute a portion of its profits to the holders of its non-fungible tokens that were released earlier this year.
As previously announced, its customers will also be able to make business decisions, such as rewards and expansion plans, by voting through a decentralized autonomous organization.
Last week, U.Today reported that Welly had already received roughly 300 franchise requests.
Earlier this April, Welly said that it would “actively participate” in the Shiba Inu burning process, but it was coy about details.
NOWPayments, a non-custodial cryptocurrency payment gateway, recently introduced a mechanism that lets merchants burn some of their profits.
Welly, Sorbillo’s, and other merchants have already partnered with NOWPayments in order to receive payments in Shiba Inu.
As reported by U.Today, the Shiba Inu team recently launched a burn portal that allows SHIB holders to reduce the token’s circulating supply while simultaneously generating passive income. The portal managed to burn more than 10 billion tokens during the first day.
SHIB is trading at $0.00002307 at press time.