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Nexo Announces $ 100 Million Token Buyback Program



The company's first token buyback program, valued at $ 12 million, was completed earlier this year

Leading regulated digital asset institute, Nexo, has announced it will be running a $ 100 million buyback program. It is intended to enable the company to regularly buy back its native token from the open market. The repurchased tokens will be used for strategic investments via token fusions and to offer daily payouts to customers who receive their returns in NEXO tokens.

The press release states that the tokens repurchased as part of the buyback program will be placed in an Investor Protection Reserve (IPR) on the blockchain. The company will begin the buyback immediately and expects to complete the token buyback program within six months.

Nexo's board of directors will accept a call for a consecutive buyback upon completion of the current token buyback program. In addition, each repurchase tranche will vest for at least twelve months. This means that the tokens are only eligible for token mergers and daily payouts after this period has expired.

The company has also stated that income from trading activity with NEXO token pairs on the Nexo exchange or loans backed by Nexo's native token will be reinvested directly in the buyback.

Antoni Trenchev, Co-Founder and Managing Partner at Nexo, stated that the company will continue to pursue acquisitions and token mergers to cement its leadership position in the crypto credit ecosystem:

“The buyback program announced today reflects our strong financial position. It underscores our ability to upgrade products, have a strong balance sheet, and invest in alternative growth strategies at the same time, while delivering significant value and growth to NEXO token holders. "

The company made it clear that the daily interest payouts in NEXO will not affect the circulating supply as all tokens used for the program will be obtained from the open market. To strengthen its commitment to transparency, an overview of all transactions carried out as part of the buyback program will be regularly available on the NEXO website.

This is NEXO's second token buyback program. A US $ 12 million buyback program was completed earlier this year. Further such initiatives are expected based on the company's growth and market conditions.

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