Nexo Injects Additional $50 Million to Third Buyback Program

Cryptocurrency lending platform Nexo has injected more funds into its buyback program, which will enable the company to discretionary and periodically repurchase its native token, NEXO.

Timeline of Nexo

The phrase “crypto lending” has taken on somewhat of a dirty meaning this year. The collapse of Terra in May sparked a wave of contagion which spread across the industry. This ultimately caused many firms to go under, several of whom were in the CeFi space – most notably Celsius.

Nexo allocates $50M for its token buyback initiative, as the cryptocurrency exchange said on August 30 that it will conduct discretionary and periodic buyback of the NEXO token on the open market. According to the company's announcement, this would be the exchange's second investment in repurchasing its tokens this year.

The price of NEXO tokens has jumped to a daily high of $1.15 hours after Nexo announced that it will commit additional funds to its buyback initiative. At press time, NEXO was trading at $1.06 up 5.40% in the past 24 hours. Its Fully Diluted Market Cap has also surged by 5.41% to $1,056,936,666.

Crypto lending platform Nexo has allocated $50 million to buy back its native NEXO token as part of an ongoing initiative designed to bolster the stability and profitability of its ecosystem. The post Crypto Lender Nexo allocates $50M to buyback its native token appeared first on CryptoSlate.

Crypto lending platform Nexo had on Tuesday allocated an additional $50 million to the company's buyback initiative. The long-standing initiative from the company last saw the infusion of $100 in May this year.

As the crypto market has entered “a state of fear,” and “nobody can say” whether the bottom is already behind us, major crypto lender Nexo (NEXO) is eyeing possibilities to acquire troubled companies, according to its co-founders.

The NEXO price crashes 40% in three days due to insolvency rumors, with the company saying that it has no exposure to Three Arrows Capital liquidity issues so let's read more today in our latest Nexo news. The NEXO price continued falling as the lending companies continue to be shaken by the crashing market.

Despite the market conditions and the swelling contagion fears, Nexo is marching on with its growth ambitions.  Nexo says its plans to hire more staff amid the current bear market is due to its business model. Per the firm, its operations follow a model “designed with sustainability in mind. As such, the platform continues to The post Nexo is hiring, says its growth is ‘organic' appeared first on Invezz.

Nexo co-founder and Managing Partner Antoni Trenchev believes the crypto sector is not on the verge of a collapse similar to that witnessed in 2008 with the then financial services giant Lehman Brothers. Trenchev made the comment during an interview with Bloomberg on Thursday. He told “Bloomberg Surveillance Early Edition” that despite the current price The post Crypto is not having a ‘Lehman moment', says Nexo's Trenchev appeared first on Invezz.

The native token of crypto exchange NEXO is up 40% on April 29 following the token's launch on Binance. The post Here's why NEXO went up over 60% following Binance listing appeared first on CryptoSlate.