Amid crypto winter, Nexo commits additional $50M to buyback program
The Bitcoin lender has sought advice from Citigroup on how to acquire distressed crypto firms amid the bear market. Crypto lending platform Nexo has increased the size of its buyback program, giving the company more discretionary ability to repurchase its native token to boost interest payments or make strategic investments in the future.On Tuesday, Nexo disclosed that its board of directors had committed an additional $50 million to buybacks, building off the company’s initial $100 million repurchase program launched in November 2021. The approval green lights the discretionary repurchase....
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PRESS RELEASE. Nexo, the leading regulated digital financial institution with over $2 billion in assets under management, today announced the details of its buyback program. The company’s Board of Directors approved an initial repurchase of $12 million of its NEXO Token on an open-market principle, with the decision coming into force with immediate effect. Part of the company’s recently launched tokenomics overhaul Nexonomics, the move seeks to further boost the value of the NEXO Token, which marked a 160% price increase since the campaign’s launch in late October. The....
The state Department of Financial Protection & Innovation says the crypto-interest account is an unqualified security; Nexo has limited the accounts since the BlockFi settlement with the SEC. The California Department of Financial Protection & Innovation (DFPI) has filed a desist and refrain order against crypto lending platform Nexo as part of its ongoing investigation of companies offering interest-bearing crypto assets accounts. The agency claims it is joining regulators from seven other American states in taking action against the company. The other states involved are Kentucky, New....
Traders are taking note of Nexo, Elrond and Blockstack as tokens offering real-world use cases rally higher. The ideas of privacy and decentralization have always been the heart of the crypto community. Therefore, when Blockstack announced that it would transition from being a security token to a utility token by launching its new Stacks Blockchain 2.0 on Jan. 14, 2021, it was bound to cause a stir.After receiving the green light from its compliance team, OKCoin plans to list Blockstack’s STX token and as the first U.S. exchange to do so, the exchange will airdrop $1 million worth of STX.....
When considering price volatility in digital marketplaces, buyback-and-burn strategies in crypto offer long-term price stability and token value growth. Are buybacks the way forward?Self-investment by businesses is not new and has long been a standard tool for price stabilization (or inflation) in the traditional financial market.Binance, Nexo and others are among the projects that have carried out buybacks. Nexo's buyback, for example, was motivated by the core development team's conviction in the asset's significant undervaluation. As a result, they decided to decrease the number of....
MegaBigPower has announced that it will begin purchasing preowned bitcoin mining ASICs as part of a plan to acquire as much as 10 megawatts worth of hardware. Under the buyback program, the US-based bitcoin mining company will purchase certain types of hardware, with an emphasis on models sold by mining manufacturers Spondoolies-Tech and Bitmain. Founder Dave Carlson framed the program as a simpler alternative for miners looking to sell their equipment online, telling CoinDesk: "Due to our extremely low power cost, we can still return funds to miners who may have gotten in just before the....