CBNK plans to buy back and burn 50% of TMTG/LBXC tokens
CBNK Ltd. announced a mid- to long-term plan for the buyback and burn of the gold-based cryptocurrency TMTG (The Midas Touch Gold) and bio-health platform token LBXC (Lux Bio), which was recently acquired by CBNK Ltd.
The foundation’s goal is to stabilize the market price by buying back and burning large-scale market circulation. By the end of 2025, TMTG and LBXC are planning to buy back and burn 5 billion units each. This amount corresponds to 50% of each 10 billion tokens, the initial issuance of the two tokens.
Once CBNK’s buyback and burn plan are all implemented, the final distribution volume is expected to be 4.1 billion TMTG and 4.7 billion LBXC based on Etherscan. Details can be checked through Etherscan during the burn plan.
TMTG and LBXC are coins that are going to be utilized in Cryptobank platform, CBNK’s main business, and plan to release various products such as simple remittance/payment based on these coins. CBNK will strive to stabilize the price and increase the value of LBXC and TMTG. In addition to this buyback and burn plan, we are preparing various projects to protect investors’ assets and stabilize the ecosystem.
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