Ubex has concluded its initial buyback and token burn exercise. This is in line with the projects original plan which is aimed at ensuring that the platform’s token continues to sustain a healthy economic value, especially during the period of development.
In an announcement on the Ubex medium page, the company claims to have repurchased a total of 3,499,619.189 tokens. The exercise was carried out across all official exchanges where the Ubex token is listen. The buyback period lasted from January 22 to 29, 2020, while the tokens were burned on January 30, 2020.
Here is the link to the burning address:
Ubex is a global decentralized advertising exchange that allows companies advertise effectively. On the Ubex platform, publishers are also allowed to profitably tokenize ad slots on their resources. This is one of the pioneer blockchain projects in advertising that combines AI, neural technology and other emerging technologies for effective advertising.
Part of the Original Plan
From the onset, part of the plan by Ubex is to use 20% of the profits from its quarterly transaction commision to buyback UBEX tokens. This exercise will go on every quarter until 50% of all the UBEX tokens are repurchased. This is a practice that will increase the demand for the tokens, thereby offering more value for investors and token holders.
The effect of this buyback is already being reflected in the economics of the UBEX token, even at the initial exercise. Information from Coinmarketcap reveals that in the month running into the buyback process, UBEX tokens registered a profit of over 100%. The price of UBEX Tokens changed from $0.000280 to $0.000578 between December 29 and January 29. The next buyback is expected to take place in April 2020.
This buyback exercise remains one of the numerous achievements that has been made by the Ubex project in recent times. Various partnerships and agreements have been entered by Ubex as part of its growth and adoption processes. Some of the entities that have entered into such plans and agreements include, AmliNetwork DSP, Vashoot DSP and Bidsopt DSP.
Ubex remains one of the few ICOs that has continued with a constantly rigorous development plan and working hard to deliver on its promises. Perhaps, we may continue to see the kind of value growth that the UBEX tokens have achieved recently. This will surely represent a correlation of the amount of work that is going on at the back end, even as investors remain positive.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.