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News

Nexo Spends Another $50 Million On Buyback Program

August 31, 2022 - Around 2 mins mins to read
Cryptocurrency lending platform Nexo continues demonstrating solid financial strength amid the market downturn by enhancing the project’s token capabilities.
Nexo Spends Another $50 Million On Buyback Program
Nexo Spends Another $50 Million On Buyback Program 2

The company has scaled up in value by committing an additional $50 million in its buyback program, giving the company more ability to buy back the platform’s native token, NEXO, to enhance the interest payment for customers saving savings and strategic investment in the future.

This buyback program started in November 2021 with an initial value of $100 million.

Buyback is a general term for the field of economics in general. In the crypto world, the company (or project) will offer to buy back a portion of the token of the project itself being developed by the company to reduce the number of tokens circulating in the market or eliminate token takeover by whales, thereby creating an incentive for the token to increase in price more sustainably in the long term.

Nexo cites its latest move as an affirmation of its solid liquidity position and willingness to invest in the community despite the recent liquidity crisis of the crypto market.

Recently, the company sought advice from banking giant Citigroup on how best to acquire struggling crypto companies, such as Celsius and Vauld.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Nexo Spends Another $50 Million On Buyback Program

Cryptocurrency lending platform Nexo continues demonstrating solid financial strength amid the market downturn by enhancing the project’s token capabilities.
Nexo Spends Another $50 Million On Buyback Program
Nexo Spends Another $50 Million On Buyback Program 4

The company has scaled up in value by committing an additional $50 million in its buyback program, giving the company more ability to buy back the platform’s native token, NEXO, to enhance the interest payment for customers saving savings and strategic investment in the future.

This buyback program started in November 2021 with an initial value of $100 million.

Buyback is a general term for the field of economics in general. In the crypto world, the company (or project) will offer to buy back a portion of the token of the project itself being developed by the company to reduce the number of tokens circulating in the market or eliminate token takeover by whales, thereby creating an incentive for the token to increase in price more sustainably in the long term.

Nexo cites its latest move as an affirmation of its solid liquidity position and willingness to invest in the community despite the recent liquidity crisis of the crypto market.

Recently, the company sought advice from banking giant Citigroup on how best to acquire struggling crypto companies, such as Celsius and Vauld.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News