We had earlier reported in the week about the impending Buyback initiative announced by VeChain. The supply chain management based blockchain revealed today on Medium that it was embarking on the first phase of the BuyBack initiative.
To Purchase $5 million (VET) This Quarter
VeChain explained that the first phase would see the VeChain Foundation purchase $5million worth of VET in the next quarter starting in July. This process would help the coin push through its agenda of mass commercial adoption of its blockchain platform.
The buyback initiative is also aimed at engaging the growing community as they consolidate their position as one of the top crypto projects.
According to the report the VET acquired would be pumped back into the VeChiain funding pool. This funding pool would be designed in a way that funds are made available to support projects that are created on its platform.
Made Attractive for Developers
The funding pool would be monitored by the VET Foundation. The required threshold for access to funds would be made in such a way that developers, entrepreneurs, and new projects would be willing to use the VeChain platform.
VeChain also revealed that there are plans on the way to enable easy disbursement of funds from the pool. The network is looking to create a value transfer medium within its ecosystem that would facilitate this process.
Thriving On Partnerships
VeChain is regarded as one of the solution based cryptocurrency in the crypto ecosystem. Its blockchain is designed in a way that allows organizations to create supply management solutions. There have been several solutions created by VeChain in the past six months and more firms have entered partnerships with the blockchain organization.
This initiative is welcoming news and it would likely spur an increase in developers on its platforms.