SINGAPORE / ACCESSWIRE / May 7, 2021 / AAX, an institutional-grade cryptocurrency exchange powered by the LSEG Millenium matching engine, is planning to execute a vast token buyback program on AAB, the exchange's utility token.
The purchase will be conducted from the secondary market in several phases, with an expected size of 30% of the AAB in circulation, equivalent to 2.25 million tokens currently worth $1.46 million.
In addition, AAB will be listed on SushiSwap in a pair with USDT, which will allow holders to effortlessly provide liquidity while expanding the list of venues where AAB is available.
The AAX exchange recorded explosive growth in 2021. Local currency deposits reached a daily average of $10 million in April, and are expected to post 30% month-over-month growth in the future. The number of accounts opened by VIP clients and institutions has tripled, while the number of monthly active users increased 20-fold since January 2021, owing in part to a successful campaign to entice inactive users into experiencing the exchange's upgraded products.
"Despite its very strong recent uptake, we believe AAB is still deeply undervalued compared to its utility and the AAX exchange's results," said Thor Chan, CEO of AAX. "We decided to take a page out of Wall Street - with their constant stock buyback announcements - and conduct a token buyback directly from the secondary market, which we think will send a very strong signal of strength."
AAX includes a number of useful integrations with the AAB token, chiefly its 20% discount when paying trading fees with it. In addition, AAB holders are able to buy tokens with a 50% discount, are eligible for spontaneous airdrops, and benefit from a trading volume booster during trading competitions. Additionally, AAB holders enjoy preferential withdrawal fees and a higher percentage of referral commission rebates. Further uses will be added as AAX grows.
About AAX
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange's LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
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SOURCE: AAX
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