According to the latest Kucoin news, this Singapore-based cryptocurrency exchange will be extending its white paper KCS token lock-up period for an additional year. The 100 million KCS that are detained by angel investors, industry figures and founders was initially planned to be incompletely unlocked on September 3, 2018, as defined in the exchange’s white paper. Now, these tokens will continue to be locked for an additional year, till September 2, 2019.
The conclusion suggests KuCoin insiders see considerably more value in the exchange and its profit-sharing tokens than the present price. Settling tokens would likely only add to reports that the exchange might not be fully legitimate, which KuCoin tried to dispell in a current statement. Additionally, the lock-up extension should have a similar effect on the token’s price as a coin burn or buyback.
As per the news, KuCoin crypto exchange also notes that the entire amount of the locked tokens was lessened from 90 to 80 million after allocating 10 million tokens to members of its ICO. This wallet is openly obtainable for tracking and can be seen here.
Sludge Feed reports that KCS presently has a market cap of $140 million and is ranked 5th in the AltDex Exchange Token Index (ALTEXC), a standard index for the industry’s foremost exchange tokens.
About KuCoin
The KuCoin exchange was launched with the final goal of being one of the top 10 international hottest exchange platforms by 2019. In this short time period, KuCoin managed to work its way up from an obscure exchange to a spot as the 18th largest exchange by 24-hour trading volume. KuCoin aims at offering users digital asset transaction and exchange services which are even safer and suitable, assimilating premium assets international and constructing state of the art transaction platform.
Based out of Hong Kong, this global cryptocurrency exchange presently ropes the trading of a large number of digital assets. It distributes overall trading fee revenue to users holding their exchange-based token, KuCoin Shares (KCS).
The post Kucoin News: Cryptocurrency Exchange Extends Insider KCS Token Lockup Period appeared first on OWLT Market.
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