VeChain Launches $25 Million VET Buyback

VeChain recently announced that it has decided to launch a buyback plan of up to $25 million USD in which will repurchase VET coins.

Regarding the buyback, the VeChain Foundation made the following post on Twitter:

“During the AMA marathon, Sunny announced that the VeChain Foundation Steering Committee decided to conduct a VET buyback plan up to $25 million USD over the next twelve months! The buyback will be used to incentivize the ecosystems builders for long term success.”

VeChain has had many successful developments this year, including a partnership with Walmart China.

Many other leading companies such as PricewaterhouseCoopers (PwC), China Chain-Store & Franchise Association, and Inner Mongolia Kerchin Co Ltd. joined in on the partnership. The aforementioned companies are looking to use the VeChain blockchain in food supply chain tracing.

The project is dubbed “Walmart China Blockchain Traceability Platform,” where the corporations are interested in expanding the use of the platform to include ten categories of food items.

When the deal was made official to the public, the platform already had recorded 23 products. By the end of 2019, the platform is expected to have more than 100 products recorded.

VeChain Closely Following Tron

A week ago on June 24, Tron presented a buyback plan which would involve the Tron Foundation purchasing $20 million worth of TRX coins. The move was cited by the foundation to help the coin’s stability as it would positively affect the price.

Tron explained the reason for its buyback in a blog post:

“In order to promote community activity and market stability, we will conduct by far the largest TRX buyback plan with the widest coverage in the secondary market, which will last for a year and will be conducted in several batches with no less than $20 million.”

The VET buyback program was most likely introduced for the same reason that Tron released its own buyback program- to increase the price and stability of the VET coin.

Featured Image: CoinDesk