CBNK (CBANK Foundation) plans to buy back and burn 50% of TMTG/LBXC tokens
CBNK Ltd., a cryptocurrency specialist, has announced a mid- to long-term plan for the buyback and burn of gold-based cryptocurrency TMTG (The Midas Touch Gold) and biohealth platform token LBXC (Lux Bio).
CBNK plans to buy back and burn 5 billion units of TMTG and LBXC each by the end of 2025. This amount corresponds to 50% of each of the 10 billion tokens, the initial issuance of the two tokens, and embodies the foundation's strong will to restore market price stabilization by buying back and burning large-scale market circulation. In the case of TMTG, since last year, a quantity of 760 million was burned through 20 different burns, only nearly 40% of the quantity is expected to be distributed on the market.
A CBNK official said, “In addition to this buyback and burn plan, we are preparing a variety of projects to protect investors' assets and stabilize the ecosystem.” It is expected to expand liquidity using these coins, and launch various DeFi products in addition to simple remittance and payment based on the coins. We will continue to do our best to stabilize the price and increase the value of LBXC and TMTG.”
If CBNK's plans to buy back and burn are fulfilled, the final distribution volume is expected to be 4.1 billion for TMTG and 4.7 billion for LBXC based on Etherscan. More details can be confirmed through Ether Scan at the time of burn in the future.
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