Singapore, January 5, 2023 — Digital Entertainment Asset (DEA), a Singapore-based global Web3 entertainment company and operator of the PlayMining GameFi platform, has announced the launch of its DEP Buyback Program.
The company will continuously buy back its own DEAPcoin ($DEP) crypto token in order to sustainably increase the token’s value. DEA will use up to 40 percent of its own sales — but not including DEP sales from its gaming platform PlayMining — to fund the buyback.
“Through the DEP Buyback Program, we aim to increase the value of DEP tokens over the medium to long term,” said DEA co-founder and co-CEO, Naohito Yoshida. “This will help us stabilize the PlayMining ecosystem and return profits to DEP holders.”
The program starts January 2023, with specific timing and buyback amounts to be determined based on market trends and the condition of the PlayMining economy. Details will be published via whitepaper at a later date.
DEA recently celebrated a number of big successes at the tail end of 2022, having secured US$10 million investment from LDA Capital and a minority investment from Rakuten Capital. They also signed strategic Web3 partnerships with Rakuten Group and YGG SEA, and entered into a business alliance with TV Tokyo. All of these wins will serve to help PlayMining expand their GameFi platform.