Justin Sun and TRON Foundation to Spend ‘No Less Than $20 Million’ on TRX Buy-Back Plan in 2020
- The TRON Foundation has reportedly put aside a whopping sum of $20 million to buy back its TRX reserves via a number of phases.
- According to a report released by DApp.com in April, the TRON project currently boasts of the fastest-growing DApp user base in the world.
As many of our regular readers may already be aware of, the TRON Foundation recently announced its decision to initiate a TRX buy-back that has a minimum spending limit of $20 million.
In regards to the entire development, a spokesperson for the foundation was quoted as saying:
“At this point, the TRON Foundation has no specific plans for this unlocked amount of TRX. The Foundation will continue to increase our TRX holding in the secondary market to manifest our confidence in the development of the TRON ecosystem,”
As per data collected a couple of months back, the TRON network currently boasts of user base that exceeds 8 million individuals.
TRON’s recent market surge seems to have been guided by the company’s acquisition of BitTorrent last year. It is estimated that the deal cost the Tron Foundation a total of $140 million.
We will conduct by far the largest #TRX buy-back plan with the widest coverage in the secondary market, which will last for a year and will be conducted in several batches with no less than $20 million. #TRON $TRX https://t.co/AIZLM68feX
— Justin Sun (@justinsuntron) June 25, 2019
Some of the firm's other noteworthy ventures include Project Atlas, and the BitTorent Token (BIT) — a digital currency that has been designed to run atop the TRON protocol.
At press time, TRX’s value is up by 14 percent (since last week), as a result of which the premier altcoin has now entered into the list of top 10 crypto assets by total market capitalization.
#TRON Live Stream Key Takeaways:
– $20M #TRX Buy Back
– BitTorrent Speed beta launch next week + $BTT wallet
– BTFS in Q3
– Sun Network to provide infinite scalabilty
– Team to grow to 600 by EOY 2019
– 2020 niTROn Summit in Seoul
– Warren Buffett lunch set for Quince Restaurant pic.twitter.com/JJFyek026i
— Misha Lederman (@mishalederman) June 25, 2019