The crypto lending platform Nexo announced its third-time bulk buying of Nexo tokens, to strengthen the ecosystem of the lending platform.
Nexo is a crypto lending platform, which allows crypto users to earn passive income by holding funds on the platform. Also users are allowed to take loans on behalf of the collateral crypto assets funds on the platform, without any further documentation. In short, Nexo is a crypto bank.
On 30 August, Nexo announced that it allocated a total of $50 million in funds in the Nexo token buy program. The crypto lender also claimed that such initiatives are possible because of the better management & ecosystem of the Nexo platform.
The tweet confirmed that it was the third big Nexo tokens amount buy decision by the Nexo team. Earlier this, $100 million was allocated in Nov 2021 and in December 2020 the team purchased a total of $12 million worth of Nexo Tokens from the open market.
Antoni Trenchev, the co-founder of Nexo, said that such initiatives will help to strengthen the ecosystem of lending platforms and also to reduce the risk of high volatility concerns.
Nexo Co-founder said:
“Right now, our investors and clients require the solid ground to walk on, and our third token buyback ensures this added stability as we emerge from the latest market rollercoaster.”
It is worth noting that, Nexo will use the allocated funds to buy Nexo tokens in the next 12 months of the time frame and also the team will release these Nexo Tokens to the users as a reward for holding their crypto assets on the platform.
The current price of the Nexo token is $1.07 and this price is 7.76% up over the last 24 hours’ trade price value, while this price is 50% high over the last 30 days’ trade price value.
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