Story Foundation, the organization behind the Story Protocol , has just officially announced an $82 million IP Token buyback program on the public market. This bold move comes after Heritage Distilling (ticker CASK, listed on Nasdaq) completed its PIPE Capital on August 15 , paving the way for a Token -centric financial strategy.
The buyback program is scheduled to last for 90 days , from August 15 to November 16. Story Foundation said the community will be regularly updated on progress, thereby increasing transparency and strengthening investor confidence in the IP Token .
The launch of a large-scale open market buyback is XEM as a move to affirm Story Foundation’s long-term commitment to its ecosystem. By injecting liquidation and reducing circulating supply, the program could have a positive effect on the value of IP Token , while attracting additional Capital from both traditional investors and the crypto community.
Story Protocol is a next-generation blockchain infrastructure built with the goal of creating an “IP Operating System” in the Web3 era. Simply put, it is a protocol that enables creators, developers, and communities to turn ideas, content, and creative assets into programmable, divisible, and tradable digital assets through Tokenize.
Recently, Jason Zhao, co-founder of blockchain project Story, announced that he is stepping down from his full-time executive position to take on a strategic advisory Vai . Instead of continuing to work directly with Story, he will focus on a new artificial intelligence project called Poseidon .
Also Read: Story Protocol (IP) Co-Founder Suddenly Resigns, Crypto Community Criticizes
