Playkey Plans $2.5 Million Token Buyback
New cryptocurrency entries have been arriving at a fever pitch for some time now. One of the more recent entries is Playkey’s PKT token, a token geared toward supporting a gaming platform. It sent us a new report recently that it plans to stage a buyback of up to $2.5 million for two million of its token, and those interested need only hit the HitBTC exchange.
The buyback is slated to run from May 29 to June 29, and the price isn’t expected to exceed $1.24 per token. Though the company acknowledges that the exchange rate will determine the buyback price, it’s still not expecting to see prices over that $1.24 mark. Further, the company has established a daily limit of $66,000 in purchases.
Playkey is doing this, the report notes, as a means to add stability to the launch phase, and will use the tokens to prevent an artificial deficit that would drive the price up. Basically, it wants to have enough on hand to satisfy demand, and so it’s poised to buy up quite a few. For those not familiar, Playkey effectively offers an option for gamers with less-powerful equipment to trade tokens for time on more powerful hardware.
Playkey’s CEO, Egor Gurjev, noted “We do that in accordance with our roadmap to keep the PKT price under the review and to increase the quality of the PKT holders, giving the chance to former bounty participants to sell PKT. What’s more important, the buyback will help us to accumulate PKTs on the Playkey Foundation site i.e. get ready for the next important step in the Playkey development. In June, 2018, Playkey expects to begin accepting PKT as payment for subscriptions on Playkey.net’s operational gaming platform, which is still centralized.”
It’s a fairly simple though likely necessary move; if Playkey has plenty of its own tokens in the hold when the whole affair goes live, it can use those tokens to suppress any attempt to run up the price. It’s similar to the United States’ Strategic Petroleum Reserve; should prices get out of control, a quantity can be released and the prices deflate back to more normal ranges.
All told, it should make for a smooth launch for Playkey, and a better user experience for all concerned.