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VET Kicks off The First Phase of the $25 Million Buy Back Plan

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VET Big News. VeChain Foundation recently announced a VET buyback plan worth up to $25 million!. The first phase of the buyback, which amounts to no less than $5 million on the open market, will be implemented over the next quarter, starting in July 2019.

The acquired VET Coins by VeChain Foundation will be stacked and injected into VeChain’s funding pools. The generated VTHO will be generated, thus allowing the Foundation to provide more financial support for projects to operate on the VeChainThor Blockchain.
This was announced on VeChain’s Medium.

VeThor is generated by stacking VET, similar to the way GAS is distributed among NEO holders. VeThor is used to pay for the use of applications and for transactions. While VET is used for the issuance of new applications, the usage of platform-wide services and for other platform-wide transactions.

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