Crypto Lender Nexo allocates $50M to buyback its native token

Crypto lending level Nexo has allocated $50 cardinal to bargain backmost its autochthonal NEXO token arsenic portion of an ongoing inaugural designed to bolster the stableness and profitability of its ecosystem.

The support announced on Aug. 30 is the 3rd iteration of buyback programs executed by the institution since the motorboat of its nexonomics initiative.

Today we are announcing our 3rd $50М Buyback.

Thе allocation is simply a effect of our coagulated liquidity presumption and readiness to spur connected our ain products and assemblage arsenic the $NEXO Token comes to play an progressively important relation wrong our ecosystem.https://t.co/y7gTNMZC9q

— Nexo (@Nexo) August 30, 2022

Nexo Co-Founder Antoni Trenchev stated that the allocation volition assistance the institution turn its merchandise ecosystem arsenic good arsenic supply terms stableness for investors.

Antoni said:

Right now, our investors and clients necessitate coagulated crushed to locomotion on, and our 3rd token buyback ensures this added stableness arsenic we look from the latest marketplace rollercoaster,” helium added.

The allocation volition beryllium utilized to repurchase NEXO tokens implicit the adjacent six months. The tokens volition beryllium taxable to a 12-month vesting play and volition beryllium distributed arsenic involvement payout to token holders erstwhile the lock-up word has elapsed.

Nexonomics successful play

Nexonomics is simply a bid of upgrades and features implemented by Nexo to thrust the worth and inferior of its autochthonal token.

Buyback has been the handiest nexonomics instrumentality that helps to trim terms volatility, boost token liquidity and contented further rewards to token holders.

So far, Nexo has successfully executed 2 buyback programs. Back successful Dec 2020, Nexo’s Board of Directors approved the repurchase of $12 million worthy of NEXO tokens from the unfastened market. An further $100 cardinal was allocated successful Nov. 2021 to bargain backmost much tokens.

Each iteration of the inaugural has returned important maturation to the company.  Nexonomics 1.0 saw NEXO token emergence to an all-time precocious of $4 successful May 2021, representing a 2430% increase, year-over-year. With the execution of Nexonomics 2.0, the institution paid retired implicit $87 cardinal to token holders of up to 12% APY daily.

The station Crypto Lender Nexo allocates $50M to buyback its autochthonal token appeared archetypal connected CryptoSlate.