ICONOMI to Buy Back and Burn its Tokens to Increase Value

Blockchain fund management platform ICONOMI has introduced a token repayment program meant to increase the stake every participant has in the company. It will purchase ICN tokens from exchanges using returns made by its actively managed performance array, and destroy them.

ICONOMI co-founder Tim Zagar said: “We are proposing a new way to distribute shared value to participants through a repayment programme designed to increase the stake of each ICONOMI contributor. Our performance array is becoming exceedingly effective and it’s clearer now more than ever that cryptocurrency returns are the fastest of any asset class on Earth. For these reasons, we decided to reduce the ICN token count and increase participants’ stake.”

Up to 1000 ETH will be used from April 1st to June 30th to acquire ICN tokens at market price, which will then be removed from circulation by sending them to an inaccessible smart contract.

“Reducing the circulation creates value in scarcity, and it’s a great way to reward our investors for their continued support. This will not change the way current ICN token holders can buy or sell on any exchange. The proposal in its simplest form is a new way of rewarding holders of a new asset class, the ICN token. We will put this proposal to the community and we will await their feedback,” Zagar said.

Marketed as “Uber for Fund Management”, ICONOMI recently raised more than USD 10.6 million during its Initial Coin Offering (ICO) ).

“We are extremely excited to finally bring our proof of concept to life. We are the first company in crypto to do this, but I promise you we won’t be the last,” Zagar concluded.