In a context where we are getting closer to DPOPS and with growing interests for X-Cash, we are announcing that X-Network, the primary contributor of X-Cash development, will perform a buy-back of 823,298,491 XCASH in a 3 months period starting Wednesday, September 16th, 2020.
The coins will be bought directly on the current exchanges where X-Cash is listed. These coins will be added back to X-Network’s inventory, currently standing at 9,176,701,509.156 XCASH (verifiable using the reserve proof on the segregated funds’ tracker). These funds will be locked under a new reserve proof totaling 10,000,000,000 (10Billions) XCASH which is also the initial amount granted to X-Network for the development of X-Cash. Because these funds will be locked for an undetermined period, they will be taken out of the circulating supply.
The primary reason for doing this operation is to reinforce once again the commitment of X-Network to make X-Cash a successful project in the next months. Once the buy-back is finalized, X-Network will be back to a neutral position in terms of X-Cash flow since the inception of the project.
Through this initiative, we also hope to support the price of the coins and contribute to increasing the market capitalization and adoption of the coin, which is a mandatory goal to ensure the long term financing of the project.
This initiative is the first one of a series that will gradually increase coverage for the X-Cash Foundation throughout X-Cash listings, cross-chain bridges, and OTC channels that we are preparing for a later announcement.
As always, thank you for all the support and contributions 🙏
The X-Network team & X-Cash contributors