Altcoin News: TRON Foundation Will Spend up to $20 Million to Buy TRX from the Market and Unlock Its Own Tokens

June 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The TRON Foundation this Tuesday announced a plan to buy TRX tokens from the market.

“As the TRON ecosystem continues to grow and prosper, we are seeing increasing attention of our users on the TRON buy-back plan and the TRX holding plan by TRON Foundation,” the publication says.

Up to $20 million will be allocated for its implementation.

The TRON Foundation also informs users that TRX tokens belonging to the organization will be unlocked on January 1, 2020.

“At this point, 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.”

After a short jump against the background of the news TRX rushed to the levels at which it was before its publication.

Image credit: TradingView

Last week, TRON developers announced the launch of an update to Odyssey 3.6, containing a number of improvements and enhancements.

Author: Marko Vidrih