Nexo Finance Is Giving 100 Million Dollars Back To Its Community
Crypto savings company Nexo Finance announces massive buyback program
We are launching a record $100M Buyback program as part of #Nexonomics!
$100M worth of $NEXO Tokens will be repurchased and dedicated to strategic investments and other activities to ensure the stability and growth potential of our native token.https://t.co/2Y08mxIow0
— Nexo (@NexoFinance) November 15, 2021
Nexo Finance announced via press release today their $100 million USD token repurchase program. The program centres around buying back their native token Nexo (Ticker symbol: NEXO).
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- According to their release, the crypto savings company will not be buying back their token in one lump sum. The buyback commences immediately, however, it will continue intermittently for the next six months.
- The repurchase program was ratified yesterday during Nexo’s board of directors meeting. For transparency, Nexo released a document outlining the repurchase plan. In the document, they outline how all tokens “will be locked in an Investor Protection Reserve (IPR) visible to the public on the Ethereum blockchain.”
- Nexo’s board of directors also included the token address in the document. The tokens will be publicly viewable via Etherscan.
- The transparency also assuages any concern that they will dump the tokens back onto the market immediately. The tokens are vesting for 12 months.
- “As Nexo’s market share increases and the industry matures, we’ll continue to seek acquisitions and token mergers to cement our leadership position in the crypto lending ecosystem,” said Co-founder of Nexo Antoni Trenchev.
- This is Nexo’s second repurchase of its token. Earlier this year crypto lender bought back 12 million of NEXO.
- Off the news, NEXO Finance token is up over 4% percent in the last 24 hours. It’s trading in the $3.38 USD. Overall, NEXO is up 1600% from a year ago, when it was trading in the $0.20 cents range.
- The rest of the market, however, isn’t doing so well. The global market cap is down 6.5% in the last 24 hours. As of press time, the total global market cap stands at $2.64 trillion USD. Considering basic tokenomics, it’s no surprise their native token is up today, despite market volatility. Nexo’s repurchase of their tokens decreases the circulating supply, which in turn, raises the price.
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Text source: CryptosRus
