Tron has completed the first phase of the buy-back plan consisting of $20 Million. Now the company is moving forward to initiate the second phase of the TRX buy-back plan.
The buy-back plan was announced by the company in the month of June 2019 and now they have finished the first stage.
Tron Foundation has made this announcement on Wednesday by writing on the medium and says that the first buy-back stage has ended successfully and now they will soon begin the second phase of this buy-back plan of TRX.
It is also pointed out by Tron Foundation that the announcement of the second phase is based on the development of Tron ecosystem.
In July 2019, TRON announced the $20 Million Buy-Back Plan.The 1st phase of 2019 as set out in the plan. Thank you for your support of #TRON. Next phase of the #TRX buy-back plan will be announced in due time based on development of TRON ecosystem. $TRXhttps://t.co/736F7H5UwU
— TRON Foundation (@Tronfoundation) September 4, 2019
This year has proved very beneficial for the company as it has launched different projects like BTFS, Sun Network, BT Speed and BLive, and the launch of dApp WINk on Binance. From the market, Tron seems to be moving according to its TRX buy-back plan.
The money that is spent during this first stage of the buy-back plan is $20 Million while the total amount that has been purchased is $723 Million. And the average price of TRX is $0.28.
According to the CoinMarketCap, the price of TRX at the time of writing is trading at $0.015723 USD (-1.06%).
The medium article reports that the phase duration remained from May to August 2019. And the TRX was bought-back on the exchanges like Binance. Huobi and some others.
Goal of TRX buy-back
The company has discussed the goal of the TRX buy-back that why they are buying TRX back. They say that the main reason behind this initiative is that the Tron is moved to number 14 from number 10 because of the low value of its token in the crypto community. And traders and investors are complaining about its low cost.
The team of Tron says that with the use of the buy-back plan the value of the coin would be raised up with the plummet of TRX in circulating supply.
Conclusion
Tron has finished the first phase of the buy-back plan. They think that this will prove helpful in lifting up the price of TRX in the crypto markets. And now with the successful completion of the first phase, they are looking forward to starting the second phase of TRX buy-back.
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