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.
