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Despite the crisis - Nexo is providing another US$ 50 million for buybacks

 


Crypto savings platform Nexo has increased the scope of its buyback program, giving the company even more leeway to buy back a portion of its cryptocurrency and make strategic investments for the future.


As Nexo announced on Tuesday, the board has released an additional US$50 million for such buybacks, gradually expanding the US$100 million buyback program launched in November 2021.


The proprietary cryptocurrency NEXO allows users to earn interest income and pay lower interest rates when borrowing. Currently, the token has a market cap of $563.6 million and a trading volume of $46.7 million.

With the expansion of the buyback program, the company deliberately wants to demonstrate its "solid liquidity" and willingness to invest in the community. To this end, the initiative will now be completed over the next six months, after which all currency units will be fixed for 12 months. Once this period has elapsed, the repurchased NEXOs can again be used by the company to distribute interest income or make "strategic investments".


Nexo is using the current bear market to demonstrate its own strength. The savings platform recently sought advice from the Citi Group on how best to take over other crypto companies. Many of the platform's major competitors, including Celsius, Voyager Digital, and BlockFi, have been reeling from the domino effect of the Terra (LUNA) collapse, which means all the more space for Nexo in the market.


The crypto market continues to be on shaky ground , as market leader Bitcoin ( BTC ) currently has a particularly high correlation to the stock market, which in turn has been hit by the critical global economic situation and the monetary policy of the central banks.

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