Nexo (NEXO)

Last Updated 26/08/2021

Official website: https://nexo.io/

What is Nexo (NEXO)

Nexo (NEXO) is a financial services platform for cryptoassets that is currently part of the Ethereum (ETH) network as an ERC20 token. By being on the Ethereum network, Nexo (NEXO) is able to execute all its transactions with smart contract precision and boasts of the advantages of Ethereums Proof-of-Stake (PoS) algorithm, with transaction finality and network security. The platform was launched in April 2018 with support from Maltese fintech firm Credissimo, the partnership has provided the extensive legal framework required for Nexo (NEXO) to carry out its operations in over 200 unique jurisdictions all with their own lending policies and practices.

By attracting established financial backers by providing both monetary and legal assistance in tandem with the utilisation of the most acclaimed decentralised application hosting platform, has proven to be a winning combination for Nexo (NEXO).

Nexo (NEXO) provides several fintech services through their platform, most notably instant crypto loans at 7-14% APR. These arrangements can be collateralised by 18 different cryptoasset options and can be withdrawn as a Stablecoin or FIAT currency with over 40 options. Loans are commonly requested for parties such as investors, mining operators, exchanges and new token projects. The loans are backed by crypto and are therefore not subject to credit requirements or checks, the credit line limit is determined in accordance with the value of the collateralised cryptoasset.

The Nexo token offers utilities to its holders and stakers, as the first collateralised dividend paying cryptoasset token. Nexo (NEXO) shares 30% of its profits with token holders in the form of dividends and have already released almost $10,000,000 in its 3-year reign. When staking, you are eligible for many of the same perks you would expect with a traditional financial service provider and more, daily interest releases, lower interest rates for borrowing and higher yield returns via their Earn suite.

Roadmap

Future implementations are set to be made to Nexos' (NEXO) staking utilities with plans to inaugurate an affiliate program, set to offer rewards to current stakers who refer new clients. They are also set to offer a physical card with higher cashback on purchases with more free ATM withdrawals and international transactions.

Nexo continues to pull in institutional attention receiving acclamation from multiple finance focused media outlets such as Forbes, Bloomberg along with associated press for its business model and ability to secure partnerships with industry leading organisations including Ledger, blockchain.com, Paxos, the Brave browser and more.

Nexo intends to increase its services with the introduction of more collateral pairs after they evaluate their viability following screening. They are also poised to utilise their legal team further by securing authorisation in new jurisdictions. With both the aforementioned divisions of Nexo working in tandem, these factors are set to increase the utility of the Nexos platform to potentially consolidate further market share in a niche industry.

Team

Nexos' (NEXO) extensive team is comprised of financial professionals, organisations and blockchain enthusiasts. Self-tasked with combining 30 years of financial knowledge with decentralised finance technologies to provide a trailblazing hybrid service. 
The face of Nexo (NEXO) is their Co-Founder Antoni Trenchev, equipped with a Masters in Law and being a Certified Anti-Money Laundering Specialist (CAMLS) which corelate perfectly with a project as unprecedented and complex as Nexo (NEXO). His professional background further supports the venture as he has served in the Bulgarian government as a member of parliament with prerogative over European monetary affairs and has worked as a Legal Adviser in the corporate sphere.

Where to store Nexo (NEXO)

Nexo comes with its own native wallet solution through the Nexo Website and google play store. Ledger devices are also compatible with Nexos and is infact recommended by Nexo as a cold storage solution, in part to their strategic partnership Alternative options to keep your Nexo's secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms. Additional information regarding wallets can be found on our platforms Wallet Guides section.

Where to Buy and Sell Nexo (NEXO)

You can Buy Nexo (NEXO) by heading over to the Buy Coins page of our website. Nexo (NEXO) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Nexo (NEXO) has never been easier, simply place your order and provide your wallet address. Once your payment arrives, Nexo will be sent directly to your wallet.

If you choose to Sell Nexo (NEXO), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Resources 

Websites: https://nexo.io/
Block Explorer: https://etherscan.io/token/0xb62132e35a6c13ee1ee0f84dc5d40bad8d815206
GitHub: https://github.com/nexofinance
Twitter: https://twitter.com/NexoFinance

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.