September 24, 2023

Nexo, a crypto lending venue, has amplified its buyback project’s size, providing the firm with an additional discretionary capability to repurchase its local token and enhance the interest payments and make systematic investments in the coming time.

On Tuesday, it was revealed by Nexo that the board of its directors had determined to specify an extra $50M for buybacks, enhancing the firm’s earliest repurchase project of $100M that commenced in November the previous year. The authorization provides a go-ahead signal for the flexible repurchase of the NEXO tokens worth up to $50M.

Despite Bad Market Conditions, Nexo Allocates Another $50M for Buyback Project

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The program’s local crypto token NEXO provides the consumers the capability to gain interest. Presently, the market cap of the token is nearly $563.6M while $46.7M is its trading volume of 24 hours, as per the website of Nexo. The platform mentioned that it elevated the extent of the repurchase project signifying a resilient liquidity status and readiness to invest in the programs focused on the community.

The respective endeavor will be accomplished during the coming 6 months. The entirety of the rebought tokens will be subject to a vesting span of up to 12 months. on the completion of the vesting period, the rebought assets may be utilized for recompensing regular interest through NEXO tokens and to make systematic investments through token mergers, as disclosed by the platform.

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The company has been more attentive toward presenting its financial resilience during the ongoing bear market. Up till now, it has been seeking guidance from Citigroup regarding the acquisition of under-pressure crypto venues. The entirety of the industry of cryptocurrency has been going through the enormous effect generated by the notorious Terra collapse.

BTC Market Still in Danger Zone

The centralized platforms such as BlockFi, Voyager Digital, and Celsius, have been extremely damaged in this respect. The crypto market is even now in a dangerous position as Bitcoin is showing a considerable correlation to the equities of the conventional industry. While moving somewhat further than this, a few of the analysts have expressed fear.

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They are of the view that this mounting correlation could pave the way toward an additional severe situation where the digital assets might again sell out in a huge amount because the conventional markets are continuously reacting to the opposition by the Federal Reserve.

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