ICON Â is continuing to pursue the $5 million repurchase plan announced by ICON Foundation Council Member Jay Kim on August 21. Late yesterday, ICON published a video interview where Kim explained the program in more detail. The video is in Korean but with English subtitles.
Right now, Jay says, the repurchase plan is undergoing legal review and will proceed as soon as that review is complete. ICON Foundation’s not-for-profit status means the bar is set higher than for an ordinary for-profit corporation. The plan must also be aligned with Swiss law, as ICON Foundation’s domicile country is Switzerland.
The buyback is being funded with 150,000 ETH from the token sale.
ICX is up sharply against the dollar over the past few days, but is down 3.48% against ETH over the past 24 hours at the time of this publication, according to CoinMarketCap. ICON’s token price currently stands at 92.79 cents, nearly double its low of 49.98 cents on August 14. At the time of the public token sale, ICX sold for 11 cents, giving buyers an eight-fold return.
Kim offers other insights, such as his thoughts on the reasons behind the overall crypto market downturn, as well as the prospect of ICON-powered stable coins that would make blockchain more useful in the real world.