$ 29,276.00 2.90%
$ 1,987.95 1.98%
$ 49.75 4.40%
$ 0.084653 1.95%
$ 7.86 1.11%
$ 1.39 0.24%
$ 0.000161 24.83%

KuCoin to start buying back and burning KCS starting today

KuCoin announcement

One of Singapore’s largest exchanges, KuCoin has announced via Twitter that they will be conducting buybacks and burns on their KuCoin shares (KCS) starting July 1st, 2019.

The whitepaper tells us that at least 10% of the profit made from KuCoin will be dedicated to buying back the shares and burning them for a better market correction.

The buybacks are going to occur every single week in Q3 of 2019.

In order to compensate the buybacks and the burns, KuCoin has come out with yet another share bonus plan right after introducing their revamped affiliate program.

As long as investors hold onto their KCS, they will be given additional bonuses or discounts on transactions and etc. When it comes to the affiliate program, that’s just a segment for the marketers.

KuCoin feeling the heat

This move seems to be a direct answer to the community’s woes about the price movements.

KuCoin Shares daily payouts are lackluster, to say the least despite the fact that trading volume is up and the market is overall quite healthy.

KuCoin is now yet another crypto company on the list of buybacks. TRON and VET have also announced similar strategies coming in the third quarter.

However, those coins may be getting the buyback due to too much emission. When it comes to KuCoin it’s simply a market mover to fuel the platform before the altcoin season.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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