Cryptocurrency

What is Nexo (NEXO)?

The Nexo platform was founded in 2007 by four entrepreneurs under the name of Credissimo.

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Bonarous

Turkey


  • 10th, September 2021 (4 months ago)
  • $ 0.00032311
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The Nexo platform was founded in 2007 by four entrepreneurs under the name of Credissimo. Credissimo went public with 2.5 million shares in 2014. The company is the first in the world to use the Chatbot automatic lending feature. The platform starts working with cryptoassets in April 2017. Launching NEXO token ICO with a roadmap and whitepaper to fund the platform. A total of $52.5 million in funding is received from ICO participants. As an online consumer loan provider, they aim to bring order to the inefficient loan market. They plan to avoid additional fees and procedures that banks impose on customers when lending in fiat currencies. Nexo offers global access to cash. Investors earn income with their assets by providing liquidity, and borrowers can use this liquidity to obtain loans with fewer procedures and interest. No fees or commissions are required to use the platform. After its establishment in 2007, Nexo contributes to the spread of cryptocurrencies by transferring the process of taking and giving loans to the blockchain and receives a share from this process.

The Nexo advisory board includes the founders of Polymath and TechCrunch. At the same time, their work with the industry-leading Fintech team, which has served millions of people for many years, such as the European Banking and Financial Services Legislation, strengthens their reliability in the industry. Although the number of users who make loan transactions on the Nexo platform is increasing every day, a total of 400,000 customers have been reached these days.

Investors and crypto holders can stake their idle crypto assets in their cold wallets or exchange wallets on the Nexo platform, with good interest options. Thus, fixed crypto assets allow to earn passive income. In fiat currencies, this interest reaches up to 12% per year (USD, EUR, GBP). On the borrowing side, there is a chance to get loans in more than 50 fiat currencies with crypto assets as collateral.

As a cryptocurrency, NEXO is the token of the Nexo platform. It is used to ensure working compatibility with the assets in the lending and receiving portfolio. NEXO is the first SEC-compliant asset-based token that has an agreement with the American Securities and Exchange Commission (SEC).

The Nexo platform regularly gives NEXO token holders a 30% share of the company's profits. In other words, investors holding NEXO get a kind of passive income. The tokens accepted as collateral on the platform are nearly 50 cryptocurrencies, especially Bitcoin, Ethereum, Binance Coin, Litecoin, Cardano, Stellar, Bitcoin Cash, EOS, Monero, XRP, NEXO. Users who hold NEXO as loan collateral on this loan platform have the chance to get up to 50% discount on loan interests.

Getting a Loan with Nexo
In order to get a fiat currency loan with Nexo, it is enough to have an account. When you open an account and verify your email, you can get a loan of up to $10,000 and give your crypto assets as collateral. To get higher value credit, you must do KYC & AML verification. For this, you may need to upload ID, passport or driver's license photos and confirm yourself with a photo. As a result of this verification, your credit limit will increase to $ 2,000,000. The KYC service provider is Onfido. The authentication process is so fast that it doesn't even take 10 minutes in total.

After depositing your crypto assets in the wallet of your Nexo account, you can see the loan amount you can get. You do not need to get individual approval from the platform, banks and boards to take out loans, you can get a loan in fiat currencies with one click. If you buy a Nexo card, you can spend the amount you withdraw with that card. You can get back the crypto assets that you have locked in your account as collateral after you have paid the full amount of your loan. You do not need to pay the loan monthly. You can pay as much as you want in supported fiat currencies or cryptocurrencies at any time.

NEXO is the 64th most valuable cryptocurrency with a market cap of $900 million. There are 560,000,011 NEXOs in circulation while the total supply is 1,000,000,000 NEXO.

Security
User experience is kept at the highest level in Nexo. Strong protection is provided by 256-bit encryption on this "credit platform". The Nexo platform partners with SOC 2 Type 2 certified crypto-asset custodians BitGo and PrimeTrust to protect crypto assets. BitGo, on the other hand, protects these crypto assets with Goldman Sachs and Lloyd's insurance, and receives material compensation for possible losses.


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1 comments

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Bonarous
4 months ago
By lending to the Nexo platform with fiat currencies, USD stablecoins and 10 cryptocurrencies, you can earn interest in return.

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