NEXO
- #Fantom Ecosystem
- #Finance / Banking
- #Binance BUSD
- 0.99528
- $2.94M
- $557.35MRank #128
- 560M
Similar News
More Info- 06-04 10:00
The Binance World Championship Special: Trade $100 Each on Convert, Spot & Futures To Win...
- 06-03 22:00
MiCA Stablecoin Rules Implementation Announcement
- 06-03 10:15
Word of the Day: Test Your Knowledge on Life in Binance to Earn Binance Points...
- 05-31 15:00
Updates on Minimum Order Size for Spot and Margin Trading Pairs (2024-06-07)
- 05-30 21:28
Binance Futures Will Launch USDT-Margined TURBO Perpetual Contract With Up to 50x Leverage
Market Signal
More InfoCryptocurrency Calendar
NO DATA
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.
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.
Related Pages:
Learn about [SALT], another crypto-collateralized lending platform.
Learn about [Maker], one of the most popular crypto lending platforms.
Curious about oracles? Read an [in-depth guide] on Alexandria, CoinMarketCap's online educational resource.
Stay up to date on the latest in [decentralized finance] and crypto lending with the [CoinMarketCap Blog].