KuCoin Shares (KCS) has planned to buyback and burn a total of 4,500,000 KCS from October 30 to November 7, 2019. Earlier, the proposed date was in December. However, it has been preponed to show their gratitude to users, said the firm. KCS further stated that the burn record would be published on November 7.
The KCS Lockup, Cash Back Program, and Burn Plan were put forward for diversifying the KCS ecosystem and enriching to the KCS users. This roadmap was rolled out on August 1, 2019, with an assurance of a 50% annualized rate of return for users. Moreover, the firm has burnt 500,000 KCS at that time also.
Earlier, the period for locking of KCS was between August 1st to August 31st and can be locked for 90 days. Users were suggested to withdraw the KCS to LOCKKCS via the withdrawal page, to lock KCS. The limits set up were a minimum of 200 KCS and a maximum of 10,000 KCS for a single user while the platform’s limit was 500,000 KCS per day. Further, a total of 5,000,000 KCS can be locked for the entire period.
The rate of return proposed by the company was ranging from 35% to 50%, which was estimated based on the previous year’s results. Additionally, one needs to contact to KuCoin support if one wishes to unlock KCS before the maturing. The firm will charge 10% of the total fund for early unlocking, and the revenue will also be lost.
As per policy, KuCoin will burn the same number of KCS locked by all users. Additionally, the firm had also provided an option of buyback to the users if anyone is interested in selling their KCS. The KCS Lockup, Cash Back, and Burn plan is currently in progress and will end on November 7.