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.

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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