Press release. Nexo, a leading regulated digital financial institution with more than US$2 billion in assets under management, today announced the details of its repurchase program. The company’s board of directors approved the repurchase of its NEXO tokens for US$12 million on an open market principle, and the decision took effect immediately.
The company recently launched a part of Nexonomics, a major inspection of token economics, which aims to further increase the value of NEXO tokens, whose price has risen 160% since the campaign was launched in late October. The repurchase program is another step to enhance the stability and growth potential of NEXO tokens, ultimately returning the investment and loyalty of token holders.
Co-founder and managing partner Antoni Trenchev said: “Nexo has another record year, allowing us the flexibility to give back to customers and reinvest in the company, and make NEXO tokens indispensable for business. “The market has finally acknowledged what the pricing model has been saying since our 2018 s coin sale – NEXO tokens have huge potential and have been undervalued so far. Our first repurchase program highlights the Nexo team’s The firm belief in the future of machine tokens has further inspired investors to share our views.”
Explaining in detail the role of repurchase in Nexonomics, Trenchev continued: “We have seen a gradual increase in demand for NEXO tokens, which confirms its desirability-the price has tripled, and in the past month, More than 60% of customers choose to be interested in NEXO tokens. Guaranteed supply through buybacks is still limited, and we are narrowing the boundaries to lay the foundation for a more ideal NEXO token and a stronger token economy.”
The NEXO tokens repurchased in this procedure will be transparently placed on the blockchain in the Investor Protection Reserve (IPR) of the ERC-20 address 0x1C433CBF4777e1f0dCe0374d79aaa8ecDC76B497. After the repurchase, each repurchase file will be retained for at least 12 months. Tokens locked in IPR will not be eligible for dividends, which makes the program more beneficial to loyal NEXO token holders in the future dividend distribution process.
Once vested, the management can decide to re-lock or withdraw part of the repurchase at its discretion for use in diversifying the exchange’s interest and cash back, dividend distribution and/or liquidity provision. Additional budgets can be allocated for future buybacks based on the company’s growth and market conditions.
Nexo is the world’s leading digital asset regulated financial institution. The company’s mission is to provide high tax-efficient “instant encrypted credit line”, high-yield “interest income” products, “send and pay” and complete transaction and OTC functions, while providing the highest level of Nexo wallet custody insurance and Military-grade security. Nexo manages more than $2 billion in assets for 1M users in more than 200 jurisdictions and has processed more than $5 billion in assets since its launch in 2018.
Official website: https://nexo.io
Nexo Public Relations Department
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