Cryptocurrencies

Nexo – $NEXO (Cryptocurrency)

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Nexo is a European fintech company that provides instant dicryptocurrency-backed loans for digital asset owners. The $Nexo platform is powered by a European fintech group that has been involved in online consumer lending since 2007. The $Nexo platform launched in 2017 and is based in Zug, Switzerland.

History

Nexo was founded by Antoni Trenchev and Kosta Kantchev in 2017. The company has raised over $52.5 million in funding.
Around early August 2020, Nexo announced that its token holders would be paid over $6.1 million in dividends on August 15, 2020. This is more than double what they paid out the year prior ($2.4 million). The payout consists of 30% of the company’s net profits for the period between June 30, 2019, and June 30, 2020.

Overview

The NEXO Token is backed by the underlying assets of $Nexo’s loan portfolio.

NEXO Tokens pay out 30% in dividends from the company’s profits each month to NEXO Token Holders. The tokens also offer additional utility features such as discounted interest rates on crypto-backed loans and are accepted as collateral on the Nexo Platform.

Notable Clients

In April 2019, Brock Pierce used more than three million dollars in bitcoin as collateral to purchase a 1.2 million renovated chapel-turned-home in Amsterdam. This became Nexo’s first-ever crypto-backed mortgage.

Chainlink Collaboration

In early July 2020, it was announced that Nexo and Chainlink were collaborating to continue and enhance the adoption of digital assets.

Chainlink is joining Nexo by incorporating their oracle system in Nexo’s trading and lending procedures, in turn improving the efficiency and security of the platform. Nexo’s platform will also benefit from the partnership with the increase of both greater loan volumes and custody of funds.

How to Buy Nexo – $NEXO

How do I buy Nexo – $NEXO Token?

While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or Ethereum. Here’s more on how to invest in bitcoin.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies. Also, a growing number of online brokers offer cryptocurrencies, such as eToro, Webull, and Sofi Active Investing. Robinhood offers free cryptocurrency trades (Crypto.com is available in most, but not all, U.S. states).

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.