The 2019, quarter 4 (Q42019) buyback and burn will officially occur on Friday, December 20, 2019, beginning at 11 AM UTC.
LocalCoinSwap will use 20% of the trade fees collected to buyback LCS on the open market. All the LCS purchased through this buyback will be subsequently burned.
This buyback will occur on the HotBit exchange. Given the P2P and private nature of LocalCoinSwap, it is important for the buyback to occur on a different exchange with a public order book for transparency. This buyback will be made through a market order.
The amount used for the buyback will be 20% of all trade fees collected between September 20 and December 19 inclusive.
On Monday, December 23, a financial report will be released. This report will outline the Q4 volumes and revenues in each currency traded, as well as yearly figures. In addition, the report will provide a breakdown of yearly revenue used for operating expenses and details of the buyback and burn.
This is looking to be another strong quarter with a well over 100% increase in BTC trade volume already.
We look forward to completing the first buyback and burn later this week and, as always, we will be providing further feedback after the buyback and burn is complete to update the community on transaction volume as well as provide links to the transaction hash. Once again, we thank you for your ongoing support.
The LocalCoinSwap Team
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