Nexo approves USD 100 mln buyback program

Wednesday 17 November 2021 18:01 CET | News

Nexo has approved a USD 100 million buyback program, which authorises the company to discretionally repurchase its native NEXO Token in the open market periodically.

The token buyback program will commence immediately and is expected, depending on prevailing market conditions, to be completed within six months after which the Nexo Board of Directors may determine a consecutive buyback.

The repurchased tokens will be dedicated towards investments in strategic targets via token mergers with applicable vesting schemes to ensure token holder interests. Nexo will also use part of the repurchased tokens to make daily interest payouts to clients who opt to receive their yields in NEXO Tokens.

NEXO Tokens repurchased within the program will be placed on the blockchain in an Investor Protection Reserve (IPR) with an ERC-20 address. Each buyback tranche will be vested for a minimum of 12 months after repurchase. Only once this period has expired will the tokens be eligible for token mergers, daily interest payouts, and other developments. An overview of the transactions carried out under this buyback program, as well as the details of the above transactions, will be periodically made available across Nexo’s website and communication channels.

The buyback program is the linchpin of Nexonomics 3.0, the third phase of Nexo’s ongoing tokenomics initiative designed to upgrade the NEXO Token’s utility and bolster its value. 

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Keywords: digital assets, Token, payout
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United Kingdom
This article is part of category

Blockchain & Cryptocurrencies