The latest BuyBack addition by NEXO has seen a huge spike in its token value. The Crypto lending platform has allocated an additional $50 million for the buyback venture. Earlier the long pending initiative received an infusion of $100 million in May 2022. The latest fund infusion will allow the company to quietly and intermittently repurchase its native Nexo token in the market. As stated, the move has been received positively and led to a spike in the values of its native token.
NEXO Token Buyback Provision
The company said that it is bringing forth the latest buyback initiative from a position of strength when it maintains a solid liquidity position. The company also added that the platform is going all out to promote initiatives for injecting liquidity into the crypto ecosystem. Antoni Trenchev, co-founder and managing partner of Nexo, also said that the company is also expanding and bringing out a number of new products.
Antoni Trenchev added, “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.”
Stability In Difficult Times
Nexo token has been moving steadily along with BTC and ETH amid grueling times. The crypto sector is facing tremendous pressure, especially after slightly recovering from the great June mayhem. The recent statement by Fed Chair Powell has hinted at hawkish measures, including interest hikes to curtail soaring inflation and CPI values.
The co-founder added that the token’s strong performance hints at the company’s solid economic foundation, and the third edition of the buyback of the Nexo token ensured stability as the crypto sector is slowly recovering after getting bruised and losing almost 50% of its values.