Nexo Commits Additional $50 Million to Long-standing Buyback Initiative
Nexo’s Board of Directors has today allocated a further $50 million to the company’s long-standing Buyback initiative. This approval enables the leading regulated digital assets institution to discretionally and periodically repurchase its native NEXO Token in the open market. This development comes as a continuation of the previous $100 million Buyback which Nexo completed earlier this year, in May.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220830005647/en/
“The allocation of an additional $50 million to our buyback plan is a result of our solid liquidity position and Nexo’s ability and readiness to spur on its own products, token, and community, alongside its outward-facing initiatives of injecting liquidity into the industry,” commented Antoni Trenchev, Nexo Co-Founder and Managing Partner.
“In these challenging market conditions, the NEXO Token has moved consistently with the likes of BTC and ETH, demonstrating that, proportionally, demand for our native asset remains strong. Right now, our investors and clients require solid ground to walk on, and our third token buyback ensures this added stability as we emerge from the latest market rollercoaster,” he added.
Starting immediately, the new $50 million buyback program is scheduled to be completed in six months, contingent upon market conditions. All repurchased tokens will be placed in Nexo’s established on-chain Investor Protection Reserve (IPR) with the following ERC-20 address: 0x1C433CBF4777e1f0dCe0374d79aaa8ecDC76B497. Per the company’s long-standing dedication to transparency, monthly communication regarding the ingress of bought back tokens to this address will be shared through Nexo’s website and other official channels.
Upon repurchase, each tranche of tokens is subject to a 12-month vesting period. Once the lock-up term has expired, repurchased tokens might be dedicated to daily interest payouts in NEXO Tokens and strategic investments via token mergers with applicable vesting schemes to ensure token holder interests.
To provide an auxiliary momentum to the program, revenue from NEXO Token pairs on the platform’s native exchange and NEXO Token-collateralized credit will be reinvested directly into the buyback. As always, the Nexo Board of Directors may allot additional budgets for future buybacks in accordance with company growth and market conditions.
As the third NEXO Token buyback, this program is part of a now years-long tradition of token-centric initiatives designed to bolster the utility and liquidity of the NEXO Token. With three successful Nexonomics editions, each ushering in new and improved tokenomics mechanisms – the Loyalty program, Earn in NEXO, a Governance Vote for the platform, and others – Nexo continues to build out its token with utility as its linchpin. Over time the crypto industry has proven that it is projects and assets rich in such real applications that thrive.
While volatility has been prevalent in the market and a bearish trend has forced multiple crypto companies out of business, Nexo remains steadfast, as demonstrated by its industry-unique real-time audit. The company is working to provide relief to the industry by offering liquidity to distressed players and by participating in the consolidation of the space through its expansive M&A war chest. Complementary to this, Nexo is also among the few companies to continue and even expand its recruitment and retention plans, with its team headcount having grown by 200% over the last 12 months, all while investing in major new products, which the firm plans to launch in the upcoming weeks.
Nexo is the world’s leading regulated digital assets institution. The company’s mission is to maximize the value and utility of cryptocurrencies by offering an advanced exchange service with 400+ market pairs, tax-efficient Instant Crypto Credit Lines™, a high-yield Earn Crypto Interest suite, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $100+ billion for 5,000,000+ users across more than 200 jurisdictions. Visit nexo.io to learn more.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Ikotek Expands Executive Management Team to Continue Rapid Growth of Its ODM Services Across North America and EMEA Regions29.9.2022 15:00:00 CEST | Press release
Ikotek, the leading IoT original design manufacturer (ODM) and electronics manufacturing service (EMS) provider, is announcing expansion of its executive management team with industry veterans and continue their aggressive growth plans for the company. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005870/en/ Ikotek - Your Trusted IoT ODM Partner (Photo: Business Wire) Headquartered in San Diego, USA, Ikotek offers a one-stop-shop for IoT solutions across design and development, hardware build, testing and verification, product validation, software development, manufacturing and certification delivering high quality products and services to reduce complexity, speed up time to market, eliminate risk and reduce costs. The company has already designed, manufactured and shipped millions of IoT devices since its inception. Ikotek, the only US-based global ODM with a pure IoT focus, combines end-to-end design consultancy acr
Norway comes top in Arthur D. Little’s Global Electric Mobility Readiness Index29.9.2022 14:52:00 CEST | Press release
Arthur D. Little (ADL) has published the latest edition of its Global Electric Mobility Readiness Index – GEMRIX 2022 – which details how favourable different markets are around the world to electric vehicle (EV) adoption. One of its key findings is that the country most ready for widespread EV uptake is Norway. GEMRIX 2022 has been produced to assist EV decision makers and track global EV uptake. Based on a detailed analysis of key market drivers and using standardized evaluation metrics, GEMRIX 2022 details the readiness of 15 countries for electric mobility. A GEMRIX score of 100 and higher means that it’s equally beneficial to buy and operate an EV as an internal combustion engine (ICE)-based vehicle – with a score of 115, Norway is the only country where this is currently the case. The rest of the benchmarked countries can be broadly categorised into three clusters according to their level of readiness for EV adoption: China, Germany, UK and Singapore are Ambitious Followers, with
Winning Again! FEELM Max Awarded the Golden Leaf Award for "Most Promising Innovation"29.9.2022 14:45:00 CEST | Press release
FEELM, the flagship atomization technology platform belonging to SMOORE - the world’s largest vape manufacturer, has won the Golden Leaf Award for "Most Promising Innovation" at the 2022 Global Tobacco and Nicotine Forum (GTNF) in Washington, DC. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220929005491/en/ GTNF event site (Photo: Business Wire) “Using FEELM’s updated ceramic coil technology, the FEELM Max offers improved flavor consistency, more puffs and reduced harshness through smaller aerosol particles. Most importantly, the FEELM Max offers greater potential for harm reduction,” the organizer of GTNF announced at the award ceremony. Four years ago, FEELM tech won the Golden Leaf Award. And four years later, FEELM Max won the Golden Leaf Award again, it is also FEELM Max's second global award this year after winning the Red Dot Award. The Golden Leaf Award is one of the most prestigious awards in the sector and is des
S64 Bolsters Pioneering Team With Strategic Hires Amid Surging Demand for Private Markets Products29.9.2022 14:05:00 CEST | Press release
S64, the trusted alternatives partner to the world’s leading asset managers and private banks, has today announced a series of strategic hires following a period of rapid growth since its launch in 2020. S64’s best-in-class team, who worked together for over a decade at Deutsche Bank, has further strengthened its expertise by making a number of appointments from blue-chip institutions to its London office. The business also has plans to advance its footprint across EMEA, Asia and Australia in major global financial hubs. Strategic hires following rapid growth Led by founder and CEO Tarun Nagpal, S64’s team has led the way in industry innovation for more than a decade, pioneering the development of alternative platform solutions. The latest additions include Venkata Kota, Head of Client Solutions, formerly of Goldman Sachs and Deutsche Bank; Richard Marland, Head of Operations and Fund Governance, formerly of Deutsche Bank; Tetyana Turek, Business and Project Management, formerly of Deu
Strengthening Healthcare Systems to Meet Patients’ Need for Plasma-Derived Therapies29.9.2022 14:00:00 CEST | Press release
As part of their well-established partnership, the United Nations Institute for Training and Research (UNITAR) and Takeda (TSE:4502/NYSE:TAK), a global pharmaceutical leader and an active member of the United Nations Global Compact, are pleased to announce a new joint initiative focused on strengthening countries’ healthcare systems to meet patients’ need for plasma and plasma-derived therapies. The initiative will draw on UNITAR’s expertise in training and education toward the development of innovative solutions to global challenges and Takeda’s deep knowledge of rare disease and the plasma ecosystem. Global demand for plasma has greatly increased over the past 20 years and is continuing to grow due to increasing numbers of patients with rare diseases being diagnosed, as well as higher standards of care and broader access to treatment globally. This demand for life-changing and life-sustaining plasma-derived therapies far exceeds available supply, resulting in more people around the w
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom