Nexo is a centralized blockchain-based platform that offers instant crypto-backed loans, starting at 0% APR, and up to 17% APR can be earned on digital assets that are deposited into this platform.
Nexo 6 key point overview:
- ✔️What is Nexo
- ✔️Features of Nexo
- ✔️The NEXO token
- Where to buy NEXO
- Top 3 NEXO wallets
- What we like about Nexo
👉 The Nexo platform was launched in 2018 by innovations expert and ex-member of parliament, Antoni Trenchev, and the Nexo team collectively has over 12 years of hands-on industry experience in FinTech.
👉 This multi-purpose financial institution was created for the owners of digital assets who seek traditional banking services but for their cryptocurrencies.
👉 Taking out a loan has never been easier, especially when there are no credit checks or tons of paperwork.
👉 All you need to do is deposit a supported cryptocurrency into your Nexo wallet and you will receive your cash loan!
👉 Now your tokens can earn you passive income instead of sitting idle in wallets or on exchanges and you can rest assured that your assets are in capable hands with this highly regulated and licensed digital assets institution.
👉 Nexo can be used to earn interest by depositing cryptocurrencies or to borrow cash by using cryptocurrencies as collateral.
👉 If you purchase any of the supported cryptocurrencies with a credit or debit card, or if you exchange any of the available market pairs on Nexo, you qualify for cashback rewards of up to 0.5%, depending on your loyalty tier.
👉 This platform is a great option for investors, businesses and coin miners seeking to diversify their portfolios and income streams, and it is also recommended for the owners of hedge funds and pension funds.
👉 Nexo uses a special Oracle for the development of Ethereum-based loan contracts, real-time data aggregation, repayments analytics modules, automated notifications, and for the incorporation of big data analyses and self-regulating algorithms.
👉 NEXO is an ERC20 utility token that is native to the Nexo platform and there is a total supply of 1 billion NEXO tokens.
👉 This token is used by Nexo to share 30% of its profits with NEXO token holders in the form of dividends and over $3 million has been distributed to Nexo clients to date.
👉 The NEXO token can also be used as collateral for loans.
👉 NEXO token holders qualify for discounts of up to 50% on repayments.
👉 Holding this token automatically qualifies users for higher loan limits.
👉 In addition to the interest earned by depositing assets, you can earn your share of dividend income from Nexo to maximise your profits.
👉 The easiest way to obtain NEXO is by purchasing it directly from the Nexo exchange, but it can also be purchased from more than 15 third-party exchanges, including Uniswap, Huobi or Bitfinex.
👉 We recommend using the proprietary Nexo wallet app for your convenience, as it was designed to be seamlessly integrated with the Nexo platform.
👉 It can be used to easily take out loans, make repayments and earn interest on your deposits.
👉 This app can be downloaded from Google Play and AppStore, and it is available as a mobile wallet with advanced authentication measures.
👉 Alternatively, you can use several third-party wallets to store your NEXO coins, but functionality may be limited.
👉 If you prefer to use a different wallet, you can use Trustwallet, Atomic Wallet or the Ledger hardware wallet.
👉 What we like most about Nexo is that initiative has been taken by the Nexo team to address some of the major issues faced by FinTech platforms and to encourage mass adoption of cryptocurrencies by giving people incentive to buy, use and own digital assets.
👉 As a whole, cryptocurrencies are gaining popularity because of the growing number of use cases they are suitable for.
👉 With platforms like Nexo, people from across the world can now access funds and earn passive income in ways they never could before.
👉 Nexo is opening the doors to new possibilities and a bankless future, giving everyone a chance to participate not only in the crypto sphere, but also in the global economy.