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Cryptocurrency lending platform Nexo has injected more funds into its buyback program, which will enable the company to discretionary and periodically repurchase its native token, NEXO.
The Nexo cryptocurrency exchange issued an announcement on August 30 saying that it has allocated an additional $50 million to conduct discretionary and periodic buybacks
Cryptocurrency lender Nexo has allocated another $50 million to the buyback program of its native token, NEXO. Shortly after the company announced its decision to spend more money on repurchasing NEXO, the digital asset jumped from $0.9 to $1.2 before retracing to $1.05 at the time of writing.
The phrase “crypto lending” has taken on somewhat of a dirty meaning this year. The collapse of Terra in May sparked a wave of contagion which spread across the industry. This ultimately caused many firms to go under, several of whom were in the CeFi space – most notably Celsius.
It has been evident that the cryptocurrency market has been trying to regain price and trading volume over the past couple of weeks.
Cryptocurrency lender Nexo has announced that it is allocating another $50 million for periodic buybacks of NEXO tokens in the open market.
Bitcoin price is still struggling to clear the USD 20,500 resistance and is currently (12:18 PM UTC) consolidating above the USD 20,300 level. BTC is unchanged in a day and down almost 6% in a week.
Nexo allocates $50M for its token buyback initiative, as the cryptocurrency exchange said on August 30 that it will conduct discretionary and periodic buyback of the NEXO token on the open market. According to the company's announcement, this would be the exchange's second investment in repurchasing its tokens this year.
The price of NEXO tokens has jumped to a daily high of $1.15 hours after Nexo announced that it will commit additional funds to its buyback initiative. At press time, NEXO was trading at $1.06 up 5.40% in the past 24 hours. Its Fully Diluted Market Cap has also surged by 5.41% to $1,056,936,666.
Bitcoin price once again recovered after dropping below USD 20,000 yesterday and is currently (03:52 UTC) trading above USD 20,400 and eyeing more gains. BTC is now almost unchanged in a day and down 5% in a week.
Crypto lending platform Nexo has approved periodic repurchases of its NEXO token for up to $50 million.
The cryptocurrency exchange Nexo likes its token so much that it is buying $50 Million worth of it or almost 10% of its total marketcap.
The Bitcoin lender has sought advice from Citigroup on how to acquire distressed crypto firms amid the bear market.
Crypto lending platform Nexo has allocated $50 million to buy back its native NEXO token as part of an ongoing initiative designed to bolster the stability and profitability of its ecosystem. The post Crypto Lender Nexo allocates $50M to buyback its native token appeared first on CryptoSlate.
Crypto lending platform Nexo had on Tuesday allocated an additional $50 million to the company's buyback initiative. The long-standing initiative from the company last saw the infusion of $100 in May this year.
The Nexo (NEXO) Coin pumps 6%, maintained its upward rally, and drew additional bids around $0.
The Bitcoin Crash has upset many people. Yet, this post is all about the top 5 cryptocurrencies that displayed good performance in the last seven days.
As many of the altcoins entered correction today, the likes of Lido DAO and Celsius kept the crypto market from falling after yesterday's rise.
Avalanche is the best top 20 performer and Nexo the best top 100 performer as markets brace for US CPI.
The crypto market stood just where it was yesterday, losing no more than a few million dollars, valued at $1.04 trillion.
Bitcoin price declined below the USD 22,000 support zone but remained above the USD 21,500 support zone. It is currently (13:23 UTC) consolidating near USD 21,900 and is down almost 3% in a day and up 5% in a week.
After more than a month, the crypto market is back above the $1 trillion mark, with mostly all altcoins trading in green.
Nexo, a popular crypto lending platform, has partnered with Mastercard to launch a crypto-backed card. The post Nexo has a crypto card that lets you spend without selling your assets appeared first on CryptoSlate.
The crypto market improved today on the back of altcoins' growth, with the market cap climbing above $900 Billion once again.
