The Tron foundation plans to start a $20 million buyback plan. This was revealed in their latest blog post. The foundation has pledged to ‘increase TRX holding in the secondary market.
The article was updated on 17 February, 2020 by Amicus.
28 June, 2019 | AtoZ Markets – To strengthen its market stability and promote its community, the Tron foundation has said it would start the largest, TRON $20 Million buyback plan. Since its creation, TRX has gained a massive 1,496% and ranked 11th on Coinmarketcap with $2.18 billion in market capitalization at the time of publication. The coin currently exchanges for $0.032 after losing about 6.4% in the last 24 hours. TRX price peaked on 4 January, 2018, at $0.2548.
TRON $20 Million Buyback Plan in a Brief
The buyback plan, according to a blog post published on 25 June, is worth $20 million. The buyback will come in batches and will last for one year with no less than $20 million.
The post also revealed that the TRX (Tron) holding of the foundation would be unlocked on 1 January, 2020. However, the foundation does not have any specific plans for the unlocked amount of TRX in its holding.
The foundation has pledged to ”increase our TRX holding in the secondary market to manifest our confidence in the development of the TRON ecosystem”.
About Tron (TRX) Foundation
Tron is a blockchain platform that was launched as a foundation for a decentralized ecosystem for entertainment. Tron aims to enlarge the market of digital contents and applications by making their creation and deployment easier and easily accessible. TRX coin was developed on the Ethereum network before it was turned into an independent cryptocurrency based on the Tron protocol.
The company revealed in May that it planned to develop a decentralized system that will be based on the BitTorrent-based application. The development meant to allow users to receive and host storage on their computers with other individuals and businesses.
Meanwhile, Tron is not the only entity that connects content and content creator to the blockchain. Steem and decentralized applications (dApps) like the Vevue, TaTaTu, and Binge also have plans to streamline the content creation and payment system as well. Tron wallets developed by the community and available on every operating system, including desktop, web, and mobile. Third-party wallets like Ledgerwallet and Freewallet also support Tron (TRX)
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