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Lending platform Nexo approves $100M Token Buyback Program
Nov, 19 2021
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A $100 million buyback program for Nexo's native token NEXO was approved by the company's Board of Directors. The terms of the program now allow NEXO to periodically repurchase its tokens on the open market at the discretion of the company.
Nexo, the leading regulated
institution for digital assets will begin its buyback program immediately and
is expected to complete it within six months, depending on market conditions.
The Nexo Board of Directors will then decide whether a consecutive buyback will
be undertaken.
The repurchased tokens will
be invested in strategic targets in order to protect token holders' interests
through token mergers with vesting schemes. As part of Nexo's commitment to
ensure customer trust and transparency, some of these tokens will also be used
to pay out daily interest.
Nexo co-founder and
managing partner Antoni Trenchev said in a statement, "The buy-back
program announced today reflects our strong financial position and underscores
our ability to simultaneously upgrade our products, maintain a strong balance
sheet, and invest in alternative growth strategies, all while providing
significant utility and growth to NEXO Token holders."
The latest buyback campaign
is a crucial part of Nexonomics 3.0, the company's ongoing tokenomics project
aimed at increasing the token's usage and value. As part of its tokenomics
endeavors, the company also actively invests in crypto projects and
crypto-related firms.
In recent months, Nexo has
been in an overall bullish trend. This week, the coin has dropped from a high
of $3.7242 to a low of $3.285, reversing the trend. Thus, for now, it is
expected that the coin will continue to fall, even though the overall trend is
bullish.
Nexo is a major and rapidly
expanding blockchain firm. It has a website and mobile apps that serve millions
of people all over the world. Throughout its journey, it has raised more than
$52 million from investors.
The company has an exchange where people can purchase and stake cryptocurrencies, such as Bitcoin and Avalanche. Additionally, the firm offers a yield product through which users can earn returns by depositing cryptocurrencies.
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Pavan A
CBW - External Analyst
INDIA
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