Business Wire

Nexo Commits Additional $50 Million to Long-standing Buyback Initiative

Share

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.

***

About Nexo

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.

Contact information

Stella Zlatareva
PR Manager
stella@nexo.io

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

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

Datopotamab Deruxtecan Showed Promising Responses as Monotherapy and in Combination with Durvalumab in Patients with Metastatic Triple Negative Breast Cancer in Two Early Trials9.12.2022 16:00:00 EET | Press release

Updated results from the TROPION-PanTumor01 phase 1 trial showed datopotamab deruxtecan (Dato-DXd) continued to demonstrate encouraging responses in patients with heavily pretreated metastatic triple negative breast cancer (TNBC) and disease progression following standard treatment. Results were presented today as a poster presentation (Abstract #P6-10-03) at the 2022 San Antonio Breast Cancer Symposium (#SABCS22). Datopotamab deruxtecan is a specifically engineered TROP2 directed DXd antibody drug conjugate (ADC) being jointly developed by Daiichi Sankyo (TSE: 4568) and AstraZeneca (LSE/STO/Nasdaq: AZN). Approximately 15% of breast cancers are considered triple negative and are associated with higher disease recurrence and worse prognosis compared to other breast cancer subtypes.1,2 It is estimated that only 12% of patients with metastatic TNBC survive five years after diagnosis and median overall survival is between 12 to 18 months.1,3 In the TNBC cohort of TROPION-PanTumor01 (n=44)

Takeda to Present Data at 64th American Society of Hematology (ASH) Annual Meeting, Demonstrating Commitment to Patients with Hematologic Cancers and Other Blood Diseases9.12.2022 16:00:00 EET | Press release

Takeda (TSE:4502/NYSE:TAK ) today announced that it will present 15 company-sponsored abstracts at the 64th American Society of Hematology (ASH) Annual Meeting being held December 10-13, 2022 in New Orleans. Takeda’s latest research focuses on improving long-term outcomes for patients with hematologic diseases. Takeda’s presentations will include oral sessions detailing a three-year update of the Phase 3 OPTIC trial demonstrating the efficacy and safety of ICLUSIG® (ponatinib) in patients with resistant chronic-phase chronic myeloid leukemia (CP-CML), and results from a first-in-human Phase 1/2 study evaluating modakafusp alfa (TAK-573) in patients with relapsed / refractory multiple myeloma. “Our latest research is focused on investigating novel mechanisms of action, as well as optimizing approved treatments to improve long-term outcomes and more deeply understand and address unmet needs for patients across a range of hematologic diseases,” said Awny Farajallah, M.D., Head of Global M

Tecnotree Advances to Acquire Top AIML Platform - CognitiveScale in North America to further Enhance 5G Use case Penetration9.12.2022 15:23:00 EET | Press release

Tecnotree is a market leader in 5G digital Business Support Systems (BSS), with AI/ML capabilities and multi-cloud extensibility. Tecnotree’s global footprint with over 90 Telecom customers in 70 countries around the world, supports ecosystems of over 1 billion subscribers. Tecnotree is the first Digital Platform Service provider to be Platinum Badge Certified by TM Forum for Real-world Open API standards. The company also provides B2B2X partner ecosystem and fintech services for monetization beyond connectivity across gaming, healthcare, education, and banking. Tecnotree has been recognized by Gartner for revenue management and monetization as well as for customer experience management solutions and enjoys the position of a leading stock on the Helsinki Nasdaq since 2020. CognitiveScale (CS) is United States based pioneer in the space of AI Engineering and provides solutions for scalable enterprise AI development and deployment. CognitiveScale is backed by over 100 granted AI patents

Another Sustainability Award for NTHU9.12.2022 12:00:00 EET | Press release

National Tsing Hua University (NTHU) in Taiwan has been awarded the Taiwan University Sustainability Award for the second year in a row! The Award was announced at the 15th Taiwan Corporate Sustainability Awards (TCSA) recently held by the Taiwan Institute for Sustainable Energy (TAISE). Standing out amongst the 47 participating universities, NTHU was ranked first in the comprehensive evaluation, and in the individual competitions received the University Sustainability Report Gold Award. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221209005001/en/ NTHU president W. John Kao (right) accepting the Taiwan University Sustainability Award from You Si-kun, president of the Legislative Yuan. (Photo: National Tsing Hua University) The judges cited the exemplary way in which NTHU has adopted an innovative approach to integrating classroom learning, campus activities and social service, thereby enriching students’ education and cre

Carbios Hosts World’s First PET Biorecycling Summit with Bertrand Piccard, Initiator and Chairman of the Solar Impulse Foundation, as Keynote Speaker9.12.2022 08:45:00 EET | Press release

Regulatory News: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221208005776/en/ Bertrand Piccard, Initiator and Chairman of the Solar Impulse Foundation, as Keynote Speaker at the First World PET Biorecycling Summit organised by Carbios Carbios (Euronext Growth Paris: ALCRB), a pioneer in the development and industrialization of biological technologies to reinvent the life cycle of plastics and textiles, hosted the world’s first PET Biorecycling Summit from 7 to 8 December 2022 in Paris. The event attracted over 100 international participants from the scientific, academic, and industrial worlds to exchange on the advances in the field of biological recycling, and how to bring these innovations for a circular economy to market. The two-day conference gathered world-renowned scientists from various academic institutions to share their latest research on PET enzymatic depolymerization. Bertrand Piccard, Initiator and Chairman

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