KuCoin will execute a Temporary KCS Buy Back and Burn Plan from July 1, 2019, through Q3, 2019, until the release of our new KuCoin Bonus plan. The platform will buy back and burn KCS from the market each week.
— KuCoin Updates (@KuCoinUpdates) July 1, 2019
According to the announcement, KuCoin will buy back and burn KCS from the market each week based on the total KCS bonus distributed during the week.
“According to the white paper, KuCoin will take at least a 10% profit of the quarter to buy back KCS from the market and burn,” states the KuCoin team. “Therefore, the release of this Temporary KCS Buy Back Plan will result in a substantial increase to the overall burned KCS amount.”
At the end of the period, KuCoin plans on unveiling a new KuCoin Shares bonus plan with adjusted daily rates for investors who hold the exchange token. This news comes just after KuCoin unveiled a new affiliate program with higher commissions and a more selective approval process.
KuCoin's Response to Trading Volume/KuCoin Bonus Feedback pic.twitter.com/toLYFWiU7O
— KUCOIN (@kucoincom) June 30, 2019
The move appears to come in response to recent user concern regarding the lack of growth in the KuCoin Shares daily payouts despite growth in trading volume.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.