Famous Company Made ‘Buyback’ For These 6 Altcoins: They Jumped!

Famous Company Made ‘Buyback’ For These 6 Altcoins: They Jumped!

The Fantom Foundation behind the popular altcoin, Fantom (FTM), has made a buyback. Altcoins that bet on buyback became six Phantom-based cryptocurrencies. Here are the details…

“Buyback” process begins for gold altcoin project

The Fantom Foundation, a team dedicated to the growth of Fantom, will use some of its funds to repurchase the tokens of six projects critical to the Fantom ecosystem. Unconfirmed reports indicate that the foundation has already spent 870,000 FTM to acquire tokens from six Phantom-based projects: BOO, GEIST, BEETS, EQUAL, MMY and BRUSH. BitcoinEmber, a Chinese analyst, shared the following tweet containing the sights for Phantom processes.

The team aims to strengthen the supported projects. According to the community, this will likely trigger activity on the platform and indirectly support FTM, the native currency of the Fantom Blockchain. The Foundation puts its trust in these six projects and is committed to benefiting the Fantom ecosystem by fostering growth.

Using project funds to repurchase tokens is a common practice in the cryptocurrency industry. In such a case, the local token price tends to rise. It also stimulates demand and raises the cost of the entire ecosystem. Therefore, if history repeats itself, the Phantom Foundation’s decision has the potential to have a similar effect. This could increase the cost of FTM and the six supported tokens. However, considering the current market conditions, it is not surprising that there is no rise as expected. Following the development, the price change in cryptocurrencies took the following form:

  • BOO: 3 percent increase
  • GEIST: 2.4 percent increase
  • BEETS: 10 percent increase
  • EQUAL: 29.4 percent drop
  • MMY: 20.98 percent increase
  • BRUSH: 2.93 percent increase
Famous Company Made 'Buyback' For These 6 Altcoins: They Jumped!

The phantom network is growing: What are the next goals?

The Phantom Foundation has recently partnered with the Government of Afghanistan to create a blockchain-based land registry system. This memorandum aims to increase transparency and efficiency in Afghanistan’s land registry process. Furthermore, FTM’s presence on various platforms, including South Korea’s e-commerce site 11Street, facilitated its adoption as a trading tool.

The founder of Fantom, the famous developer Andre Cronje, made a statement about the development of Fantom. Andre Cronje has risen to the board of directors of both Fantom Operations Ltd and Fantom Foundation Ltd. as the next step in a successful career in Yearn.finance and other ecosystems. Cronje shared a blog post about Phantom and conveyed his intentions for the project.

Famous Company Made 'Buyback' For These 6 Altcoins: They Jumped!

Cronje stressed that Fantom has not been affected by the problems that plagued the crypto market over the past year. In fact, he pointed out that Phantom was founded under exemplary conditions. That’s why, according to Cronje, FTM knows how to weather the storm. Cronje also said that the group at Fantom is focused on building tools for developers. That’s why GameFi states that it doesn’t plan to be distracted by crashing stock markets, NFTs, and the like. Instead, the Fantom group will continue to do its best to provide crypto developers with all the tools they need to complete their vision.

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