Kava Labs to Complete $1.5 Million Buyback of KAVA Tokens Done via Binance Launchpad
Kava Labs announced on Twitter that it will be buying back Kava tokens that were launched on Binance Launchpad.
The tokens are worth $1.5 million and the company plans on using the proceeds for the development of grants, community programs, and ecosystem initiatives. The announcement on Twitter can be read here:
Thanks to a successful @binance Launchpad IEO and mainnet launch, we are completing a buyback $1.5M of $KAVA and will be using the proceeds for development grants, community programs, and ecosystem initiatives.
Stay tuned, we'll share more of our vision in the coming weeks.🤓 pic.twitter.com/D7IjUjsnfa
— Kava Labs (@kava_labs) November 20, 2019
Binance announced the Kava token sale on the Binance Launchpad one month ago. According to the post, the token sale followed a lottery and airdrop format, and that Binance will record user BNB balances for a span of 30 days.
Each user will have their BNB holding amount determined as the average of 30 days using the daily average BNB balance calculation.
According to a report by AMBCrypto, which refers to a CoinMarketCap figures, Kava has yielded a rate of return of 190.26%, and the price of the token has increased by 10% in the last 24 hours.
Further, the Kava Labs co-founder and CEO Brian Kerr shared with AMBCrypto that Kava Labs felt it was prudent to initiate a buyback of Kava tokens off the retail and OTC markets with the low circulating supply of kava, and limited treasury tokens at its disposal.
Further, the buyback was done so that Kava could be in a better position to offer development grants, community activities, and other ecosystem building programs in the coming months.