The VeChain Foundation announced its decision to buy back $25 million worth of VET coins in celebration of its independence from Ethereum. Sunny Lu, VeChain founder and former employee of Louis Vuitton China made the announcement in a Twitter video chat. He explained that the VeChain Foundation will complete the buyback transactions within a period of twelve months.
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VET coin is the cryptocurrency of VeChain, a blockchain service platform. The VeChain was originally built on the Ethereum. The platform offers Internet of Things solutions and also focuses on the supply chain. The VeChain platform provided services to enterprise users from the Ethereum network until the launch of its mainnet on June 30, 2018. Then, it ceased to be an Ethereum-based token and started providing services from its own network.
The VeChain Foundation, a Singapore-based non-profit organization, maintains the VeChain blockchain. The Foundation which was founded in 2017 ensures the proper functioning of the VeChain network. It will be responsible for buying back the VET coins to celebrate the VeChain mainnet’s one year anniversary.
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Recently, buying back a cryptocurrency to celebrate its independence from Ethereum is becoming a trend. Tron bought back $20 million of its TRX coins to celebrate its independence from Ethereum last week. VeChain has decided to follow suit too. The buyback will benefit the holders of the VET coins.
VeChain intends to put the recovered coins back into the system for further develop of the platform. Besides, the VeChain Foundation may attempt to use this approach to facilitate the growth of its platform. Often, Binance uses a portion of its profit on its coin. This approach has ideally positioned the crypto on a price gain run throughout last year.
Buybacks benefit the cryptocurrency. It reduces the supply of the digital currency and increases the value of the coins available in the crypto market. The primary reason for a buyback is to increase the price of the digital currency. Consequently, the holders of VET coin are likely to enjoy the increase in its value within the next 12 months. Blockchain projects use the buyback approach to stabilize the prices of their cryptocurrencies. However, companies have been using this technique for their stocks.
VeChain Foundation plans to spice up the 12 months anniversary celebration of VeChain mainnet. Currently, a competition is running on the VeChain platform prizes in cryptocurrencies.
The winners of the contests will receive 163,000 VET ($1,300) and16,300 OCE ($97). OceanEx token is a digital currency that runs on the VeChain platform.
However, interested users have no information on how to enter and win the competition. Fortunately, an individual figured out how to play the game but the wallets were empty. The treasure hunt remains unsolved since there are no tips on how to play. It seems VeChain blockchain isn’t good at competitions.
VeChain (VET) Price Today – VET / USD
Partnerships are likely to be one of VeChain’s strong suit. The blockchain hit the headlines last week when it partnered with Walmart China. VeChain is expected to track the multiple product supply lines of the company. It will also provide consumers with information on food safety. With the partnerships, buybacks, and integrations, the VET cryptocurrency is likely to experience an increase in value.
Besides, VeChain is available for purchase on the U.S-based app, Metal Pay. This app is ideal for sending and storing cryptocurrencies.