What Is NEXO (NEXO)? What Makes Nexo Unique?

Join Camnang24h to learn about the project “What Is NEXO (NEXO)? What Makes Nexo Unique? Who Are the Founders of Nexo? What is the price of Nexo today?” through the article below. The NEXO Token (NEXO) is the native token of the Nexo cryptocurrency exchange and lending platform, compatible with both ERC-20 and BEP-2. Users holding NEXO in their accounts on the Nexo platform get many incentives, including higher yields on their digital assets, free crypto rewards on card purchases, and borrowing rate discounts on crypto-backed credit lines.

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What Is NEXO (NEXO)?

Introduction

Nexo started out in 2018 as a crypto lending platform and is considered the pioneer of crypto credit lines. Nowadays, the Nexo platform is an entire crypto finance ecosystem where users can buy, sell, trade, and borrow against their cryptocurrencies. The latest addition to the suite is the Nexo Card – the world’s first crypto-backed card.

What Is Nexo (NEXO)?

Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. Users deposit an accepted token — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) — as collateral to receive a loan in the form of a fiat currency or stablecoin.

Nexo has a native token, NEXO, that when locked in the platform grants users benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. Token holders also receive dividends from Nexo’s profits.

The project was first announced in December 2017, and it launched in April 2018.

What is the price of Nexo today?

In this section one can follow the price and chart of Nexo traded today via the chart below. If you want to know where to buy Nexo at current rates, the top crypto exchanges to trade Nexo currently Binance, Bitrue, Bitget, Bybit, and Deepcoin

 

 

Who Are the Founders of Nexo?

Nexo was founded by a team of finance professionals and crypto enthusiasts, who turned to blockchain to create the crypto equivalent to a service well established in traditional finance, but hitherto non-existent in digital finance— borrowing against the value of your assets while retaining ownership. In 2018, the team launched the Nexo platform, offering the world’s first crypto credit lines that allowed digital asset holders to obtain fiat and stablecoin loans against their cryptocurrency, and thus setting the foundations of the crypto lending niche.

The collective behind Nexo has a combined experience of over 30 years in financial services, including non-crypto lending, investment banking, mergers and acquisitions, and hedge funds, with Co-founder and Managing Partner Antoni Trenchev additionally contributing with experience in Finance Law and in KYC and AML solutions.

Trenchev, who has acted as the public face of Nexo’s leadership, has a track record in advocating for wider blockchain and crypto adoption, notably serving as member of parliament in Bulgaria’s National Assembly from 2015 to 2017, where he promoted the implementation of blockchain solutions for e-government services, as well as frequently commenting on crypto and digital finance-related current events to mainstream media, including Bloomberg, The Independent, and CNBC.

Nexo currently services over a million users across 200+ jurisdictions, managing over $4 billion in assets. The company currently has 150 employees, with its management based in London.

What Makes Nexo Unique?

According to its whitepaper, Nexo is the first-ever provider of instant cryptocurrency-backed loans and it intends to solve inefficiencies in the lending market. Its automated lending process uses smart contracts and an oracle on the Ethereum blockchain to manage loans. After a user transfers cryptocurrency to a Nexo-controlled wallet, the oracle establishes the loan and the user is instantly allocated the funds. When the user makes a deposit in order to repay the loan, the oracle returns the cryptocurrency and records the transaction on the blockchain. Smart contracts are used to power NEXO and to record user balances.

Nexo is marketed to individual and institutional investors, cryptocurrency companies, exchanges, miners and others who want liquidity from their assets. The company makes a profit from the interest accumulated on loans, and it also offers institutional lending and consulting services.

Nexo seeks to build a user base of clients that continue to use the platform and remain invested in NEXO. As such, the company announced a loyalty program that rewards those who keep NEXO in their accounts, giving them preferential interest rates on loans and higher yields on savings. Nexo also distributes 30% of its profits to NEXO token holders in the form of dividends.

What is the Nexo ecosystem?

Nexo has over four million clients worldwide, with numbers rising drastically in 2020 with the release of their Earn product. The addition allowed users of the platform to receive interest on their crypto assets. This move attracted many new crypto enthusiasts who weren’t necessarily looking for loans but wanted to use their crypto to earn them passive income.

The Nexo ecosystem is an all-around solution for everything crypto. Beginner users can buy their first crypto in a few clicks and start earning compounding daily interest automatically, while experienced users can borrow cash to use for their everyday expenses or to reinvest in more crypto.

Instant Crypto Credit Line

Nexo allows clients to open an Instant Crypto Credit Line and borrow cash or stablecoins by utilizing their cryptocurrency holdings as collateral. Users can borrow from $50 to $2M with instant approval, no origination fees, and no monthly repayments, while funds become available within 24 hours. It can be partially or fully paid off in over 40 fiat currencies, stablecoins (USDT or USDC), or a combination of both crypto and fiat currencies.

To open an Instant Crypto Credit Line, all users need to do is use their cryptocurrency holdings as security for repayment. This will allow them to borrow a maximum of 13.9% APR, depending on their Loyalty tier and the ratio between the NEXO tokens and other crypto holdings in their portfolios. Should the digital assets serving as collateral start to depreciate in market conditions and the loan-to-value ratio increases, Nexo has employed an algorithm to help clients stay on top of their Instant Crypto Credit Lines and manage them effortlessly. These include margin calls, automatic collateral transfer to maintain an acceptable loan-to-value ratio, and automatic repayments.

NFT Lending Desk

Users can also borrow stablecoins, ETH, and other digital currencies against their Bored Apes and CryptoPunks NFTs. As with Nexo’s credit lines, this instant liquidity doesn’t require selling the digital assets. Users can borrow up to 20% of the value of their NFTs and spend or reinvest the load. As part of Nexo’s OTC services, users have a dedicated account manager to assist them throughout the process.

The Nexo Exchange

Over the years, Nexo has also developed their cryptocurrency exchange. It hosts popular coins like BTC and ETH, Layer 1 tokens like BNB, AVAX, and NFT and metaverse tokens like APE and MANA. Users of the Nexo Exchange can buy crypto with credit or debit cards and directly swap 300+ crypto pairs, including 140 rare ones. The exchange also has a simplified 1.25x to 3.00x leverage option. It is known as the Nexo Booster and allows users to buy more of their favorite cryptocurrencies by funding the transaction with a crypto-backed loan.

The Nexo Card

In April 2022, Nexo officially launched their crypto credit card. It allows users to spend the value of their crypto without actually selling it. It works by automatically borrowing fiat on everyday purchases while using crypto as security for repayment.

The Nexo Card can be used anywhere Mastercard is accepted. Card owners can use their Bitcoin, Ethereum, or 40 other cryptocurrencies as collateral to back the credit granted. This gives them fiat against their crypto upon each purchase. They can also earn rewards on every purchase or ATM withdrawal, which will be paid out in Bitcoin (up to 0.5% back) or the NEXO tokens (up to 2% back). Nexo doesn’t require minimum monthly repayments and doesn’t collect monthly, annual, or inactivity fees.

What is the NEXO Token?

In 2018, Nexo issued and distributed the world’s first compliant, dividend-paying, asset-backed token with utility features. Since the evolution from dividends to daily interest on NEXO, the token has continued to provide utility to Nexo users in the form of higher interest rates, lower borrowing rates, and free withdrawals on their platform. The exact benefits are determined by a tier-based Loyalty Program. The tiers depend on what percentage of an individual portfolio is held in NEXO Tokens. For example, if a Nexo user holds 10% of their portfolio in NEXO, they will be in the Platinum tier, which qualifies them for interest rates for most assets of up to 17% and five free crypto withdrawals per month. As of May 2022, the maximum interest rate on the platform is 36% on AXS.

For the past two years, as part of the tokenomics overhaul of NEXO, the company has been repurchasing its native token from the open market. This so-called Buyback program is aimed at boosting the token’s liquidity, thus reducing price volatility. There’s a limited supply of the NEXO Token with a hard cap of 525 million NEXO Tokens.

How to buy NEXO on Binance?

You can buy the NEXO Token (NEXO) on cryptocurrency exchanges like Binance.

1. Log in to your Binance account and click [Trade]. Select either the classic or advanced trading mode to start.

2. Type “NEXO” in the search bar to see the available trading pairs. We will use NEXO/BUSD as an example.

3. Go to the [Spot] box and enter the amount of NEXO you want to buy. In this example, we will use a Market order. Click [Buy NEXO] to confirm your order, and the purchased NEXO will be credited to your Spot Wallet.

How to get started on Nexo?

Creating an account on Nexo is easy and takes around 3 minutes. To start, click on the button at the top right corner on www.nexo.io.

This will take you to the Nexo platform, where you need to input your email address and password. After verification, you need to fill in your account details and go through a quick KYC.

Closing thoughts

The Nexo ecosystem has risen in popularity with the simplicity of its all-in-one solution. Their earning product is automatic and taking a crypto-backed loan is intuitive. By holding NEXO Tokens, users can get more from their platform, and with the release of the Nexo Card, more and more people will join the Nexo community.

Source: Synthetic

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