NEXO is a cryptocurrency that powers Nexo’s loaning platform. NEXO is backed by the underlying assets of Nexo’s loan portfolio. Nexo’s primary protocol functionality is an online platform that enables users to create instant cryptocurrency-backed loans by depositing various major crypto assets into a Nexo wallet. Nexo is a short-term lending platform that uses cryptocurrency assets to collateralize loans. Over 40 cryptocurrencies are supported and loans are made instantly in USD or EUR. Nexo repayments can be made in fiat or crypto currencies. If NEXO is used to repay the loan, a 50 percent interest rate discount is gained. Nexo provides crypto assets that are secured with renowned and reputable custodian BitGo. Nexo is considered to be part of the lending industry disruption sector. Nexo allows people to borrow funds using cryptocurrency as their collateral when receiving loans in fiat currencies. Through its token, Nexo shares 30% of its profits with NEXO Token Holders in the form of dividends. NEXO owners can also use their tokens as collateral for loans, bringing them discounts on interest when using the Instant Crypto Credit Lines.
Original author – Antoni Trenchev
Initial release – 1 May 2018
Development status – Active
Website – nexo.io