Crypto lending platform Nexo has increased the size of its buyback program, giving the company more discretionary ability to repurchase its native token to boost interest payments or make strategic investments in the future.
On Tuesday, Nexo disclosed that its board of directors had committed an additional $50 million to buybacks, building off the company’s initial $100 million repurchase program launched in November 2021. The approval green lights the discretionary repurchase of up to $50 million worth of NEXO tokens on the open market.
NEXO is the platform’s native cryptocurrency, giving users the ability to earn interest and lock in lower rates for borrowing. The token currently has a market capitalization of $563.6 million and 24-hour trading volumes of $46.7 million, according to Nexo’s website.
The company said it increased the size of its repurchase program to demonstrate its “solid liquidity position” and willingness to invest in its community. The initiative will be carried...
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