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Digital asset platform Nexo has committed another $50 million to its long-standing buyback program after receiving backing from the company’s board of directors, according to details shared Tuesday.
With board approval, cryptocurrency lenders will be able to buy back the native token NEXO at their discretion on a regular basis. announced.
With a $50 million commitment, Nexo will $100 million buyback plan The company launched in November 2021 and closed in May of this year.
“Additional $50M allocation to our repurchase plan fuels our strong liquidity position and outbound initiatives to inject liquidity into the industry, as well as unique products, tokens and community It is the result of Nexo’s ability and readiness to putsaid Antoni Trenchev, co-founder of Nexo.
According to Nexo, the buyback will be from the open market and will start soon. The company also expects the program to continue for the next six months, with all token buybacks going into his reserves on-chain for the duration of his 12-month vesting period.
At the end of the lockup period, Nexo will be able to use the redeemed tokens to pay its customers daily interest via native NEXO tokens. The platform will also be able to use them for strategic investments through token mergers, with transactions incorporating vesting schemes to protect the interests of NEXO holders.
NEXO is currently valued at around $1.04, up over 8% over the past 24 hours and up around 17% over the past week. Despite the crypto bear market, NEXO token is up over 43% over the past month.
So while NEXO has fallen more than 70% from its all-time high above $4.00 reached in May 2021, demand for the token appears to be strong across markets.
“In such difficult market conditions, the NEXO token has consistently moved with the likes of BTC and ETH, proportionately demonstrating continued strong demand for NEXO’s native assets. Our investors and clients now need a solid foundation to tread on, and our 3rd token buyback will ensure this extra stability as we emerge from the latest market roller coaster. increase.‘ added Trenchev.
