ULAANBAATAR, MONGOLIA / ACCESSWIRE / November 5, 2021 / The founder and CFO of Inflation Hedging Coin (IHC), O.Munkhjin, has invested USD 10 million in a major buy-back of Mongolia's leading cryptocurrency at current market prices.
The transaction is part of IHC management's long-term strategy to continue focusing on stability in the typically volatile digital market, where investor confidence is lower than in traditional financial markets due to the risk of fraud, unpredictable price fluctuation, and the lack of regulation and government oversight - which, conversely, is considered the major advantage the DeFi environment. Investors in IHC are likely to find a measure of reassurance in the founder's bold move.
When the founder bears the same risks as other holders, a sort of personal guarantee emanates from the reinvestment. Think Elon Musk buying Tesla shares or Apple's self-belief demonstrated by buying back hundreds of millions worth of stock.
IHC was launched in late August, and secondary market trading began last month. The Initial Coin Offering (ICO) attracted much attention from Mongolians, and in less than thirty seconds more than 20,000 people bought IHC coins for 30 billion MNT (USD 10.5m), making it one of the quickest fundraising events in Mongolian financial history.
The rapid uptake was partially a consequence of the specter of inflation that haunts this landlocked country. Part of the coin's architecture is to burn coins at the same rate as US inflation until there is price parity for long-term financial stability, even in an unpredictable world.
As a staple and fairly common instrument to help creating price stability, the buy-back has additional benefits. Besides a notable commitment to the IHC project by its founders, the investment is a significant liquidity boost for the coin. This helps provide additional reassurance to investors focussed on long-term growth and jittery about ‘pump and dump' crypto scams that have proliferated in recent times and helps generate capital for the IHC project's next development phase.
The coin is integrating as a form of quick payment on the Mongol Chat app in Mongolia and will launch an on-chain wallet for both the iOS App Store and Google Play Store before year-end.
IHC has always aimed to build the legitimacy of digital currencies and to champion the benefits of blockchain technology, and a USD 10 million investment at this stage of the coin's genesis suggests that their plans are on track. Watch this space…
Visit the Website: https://www.ihcoin.io/
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SOURCE: Inflation Hedging Coin (IHC)