The TRON Foundation headed by Founder, Justin Sun announced Tuesday that it would offer a $20 Million TRX Buy-back Plan while at the same time, not liquidate its holdings come 2020.
The TRON ecosystem, as per the update witnessed very rapid growth in the number of users in recent times. However, with much attention focused on seeing a TRON buyback plan and the TRX holding plan by TRON Foundation, the company has moved to clear the air.
First, TRON announced that its users would see a TRX buy-back plan led by the Tron Foundation.
The buyback which is expected to promote market stability and the community activities will, according to Justin Sun be “by far the largest TRX buy-back plan with the widest coverage in the secondary market.”
“It will last for a year and will be conducted in several batches with no less than $20 million,” the official announcement confirmed.
Secondly, regarding the plans for the 2020 TRX holdings of TRON Foundation, the report reads that it will as scheduled be unlocked on the day-1 of 2020.
However, the Foundation revealed that at the moment, it had not drafted plans for the soon-to-be unlocked amount of TRX. They only promised to continue to increase their TRX holding via the market buyback as a way to manifest its confidence in the development of the ecosystem.
TRON (TRX) Sees Mild Growth
On another day, one would expect the announcement by the Foundation to turn in massive gains for holders of the altcoin. However, that has not been the case today with the coin, somehow losing 1% on a day when Bitcoin appears to settle above $11,000 finally.
At the time of writing the altcoin was exchanging hands at $0.038, and had a market cap well above $1.5 billion, putting back among the top ten cryptocurrencies.
Meanwhile, it is also worth mentioning the Justin Sun is still on track to meet billionaire investor Warren Buffett in a prestigious launch taking place at Silicon Valley.
