After a blockbuster start to the year, Nexo’s (NEXO) price is trading near the record highs printed recently. Here, we take a look at where the coin may trade in the coming months.

The team that founded Credissimo, also created Nexo. The team behind the platform states Nexo is the most advanced platform for instant crypto loans and the only blockchain company to provide its services in 40+ fiat currencies and in more than 200 jurisdictions.

Nexo lets clients use their holdings as collateral, then withdraw cash. Instead of just buying and selling crypto, Nexo was created to provide clients with instant crypto loans. Nexo promises no hidden fees, no capital gains taxes, and no credit checks.

Like other cryptocurrencies, the platform uses blockchain technology, smart contracts, and algorithmic procedures, all of which are performed in its native Nexo Oracle module.

The client can request loans in either USD or EUR currency but first must transfer their crypto holdings to their Nexo wallet. The Nexo oracle will establish the loan after the transferred cryptos are confirmed by the blockchain.

Nexo says its users can access instant cash and be able to store the coin in any Ethereum compatible wallet.

The Nexo price is up about 400% year-to-end (YTD). Like some other cryptocurrencies, Nexo has witnessed a sharp move higher in the price of its native token amid accelerating crypto adoption.

In a year where Tesla, Mastercard, Visa, PayPal, and others, embraced cryptocurrencies and their underlying blockchain technology, Next price has managed to ride the bullish wave and print record highs of $4.21 in May.

The last month, when the Nexo price closed in the red, was September. In February only, Nexo saw its price explode nearly 150%. This signals an extremely strong bullish run that helped the digital asset to take its market capitalization to over $2 billion.

From the technical analysis viewpoint, it’s quite difficult to predict where the Nexo price will go next given the magnitude of this move higher in 2021 so far. As no moves in financial markets take place in a vertical manner, although this year’s Nexo price action suggests otherwise, it is likely that investors will witness a market correction as bulls take profit.

In this space, Fibonacci retracement lines help us see to which point the Nexo price could potentially correct. The first major retracement line of 38.2% comes in at $2.63, which is about 30% lower compared to the current market price. This region will also host the 100 daily moving average (the blue line) soon, which is rapidly catching up with this bullish market.

Moreover, the price action has created two equal tops above the $4.10 mark. A break below the neckline (the middle blue line) would activate the double top chart pattern. This is a bearish chart formation that could threaten to take the price action to below $2, where the measured target of the double top formation is located.

Looking higher, the Fibonacci extension lines help us measure potential targets in case the market breaks out to the upside again. In this case, Nexo bulls will be targeting moves to $4.45 and $4.85, where 127.2% extension line and 161.8% extension line are located, respectively. It is yet unclear whether a trip to these levels occurs soon, or the Nexo price action will first consolidate at lower levels before continuing higher.

Of course, much will depend on Bitcoin and how the world’s largest cryptocurrency trades for the remainder of the year. Don’t forget that BTC weights about 45% of the total cryptocurrency market, hence any bigger move in Bitcoin is likely to yield major moves across the cryptocurrency market.

After a rapid move higher in the first four months of the ongoing year, Nexo bulls and bears are expected to continue exchanging blows in 2021 as the price action heats up. While the bulls have clearly won the opening rounds, a market correction could yield more uncertainty into the year-end.

Today, we will review the Nexo card, a crypto card using which you can easily make both online and offline purchases with a click of your fingers. Nexo is a crypto lending platform that provides various crypto products including Nexo Card.

Nexo provides a crypto-powered debit card in partnership with Mastercard. This is the only card that allows us to spend without selling our cryptocurrency holdings. 

Nexo is a trusted automated loan platform launched in 2017. Over 2 years, it has processed more than $5 billion. The platform also offers crypto-to-crypto and crypto-to-fiat loan transactions. The Nexo card is directly linked to the Nexo account to access funds without banks for funds withdrawal easily. If you use a Nexo card for payments, you can get incentives worth 5% cashback.

You can access all the features of the Nexo card via the Nexo Wallet app. The features are listed below.

Every time you swipe the Nexo card and make some purchases, Nexo will reward you with a 2% cashback irrespective of your purchase amount and quantity. Nexo will reward the cashback to you via two options. You can choose to get the cashback reward as NEXO Tokens or as Bitcoin currency (BTC).  When you view your Nexo account, you will automatically see the cashback rewards credited to your Nexo Account.  So, your only concern is to make purchases; the rest is taken care of by the Nexo.io card and the Nexo account.

Other than getting cash back on your purchases, using Nexo’s crypto savings account can earn interest for 6 stable coins and 11 altcoins. It supports coins like Bitcoin, Tron, Ethereum, etc. 

The interest rates start from 10℅ for stable coins and 6℅ for altcoins. But you can avail 12% of the interest if you take your distributions via Nexo’s proprietary tokens instead of the token you usually use. You can link your bank account to your Nexo account and directly transfer assets to your Nexo account.

Nexo calculates interest daily, and they will directly transfer the funds to your Nexo account. This is advantageous for you because, since interest is calculated and notified to you daily, you don’t need to keep waiting for a month. And you can freely deposit and withdraw tokens at any time. You don’t need to maintain any minimum amount in your Nexo account to participate in this interest dealings.

You can freely withdraw cryptocurrencies at any time. There is no money charged for it. When you do transactions from a crypto exchange wallet to your Nexo account, you only need to pay brokerage fees and no transaction fees.  Like a traditional savings account, Nexo card’s crypto savings account also charges reasonable fewer fees. Also, there are no fees charged for account maintenance.

The minimum withdrawal of cryptocurrencies changes depending on the type of cryptocurrencies your wallet holds. Your account doesn’t need to have a minimum number of cryptocurrencies to start generating interest.

According to the nexo.io website, the Nexo platform is powered with military-grade 256-bit encryption and fraud 24/7 monitoring mechanisms throughout a year. Nexo took this step to ensure the safety of customers’ funds and transactions.

Nexo has partnered with one of the leading hardware wallet solutions, the Ledger, to store crypto assets. Also, the crypto assets are insured worth $150 million in insurance policy dealings between Arch and Marsh. Nexo also plans to raise its insurance to cover 1 billion dollars in 2021 in a commitment and effort to provide high-standard security.

In addition, custodian BitGo provides cold storage wallets. And BitGo carries $100 Million insurance protection through a company called Lloyd’s. The policy also covers the hack or theft of private keys, lost keys, or insider theft.

There is a 24/7 support team ready to assist you. Just use any one of the below contact options to get assistance immediately

Like two sides of a coin, everything has its pros and cons. We have tabulated some of the advantages and disadvantages of using the Nexo card below. You can take a quick look at them in the table below and decide further.

The answer depends on how you will access the value linked with your crypto holdings. You already know that the Nexo card comes with tax benefits if you borrow cryptocurrencies holdings instead of selling them every time your card balance gets low. But for the loans, interest will be charged.

However, if you are someone who wants to have a simple crypto debit card and sell your cryptocurrencies for accessing the associated dollars or other fiat currency, then this Nexo debit card is not the right choice of card for you. The advantages and disadvantages of the Nexo card depend on your usage of the card.

Nexo company’s crypto card has been hailed as the best crypto card in the market by many people. There are many reasonable justifications for the Nexo card’s heightened position

You are a first-time user of a crypto savings account, don’t miss out on this user-friendly platform to begin your saving journey. Nexo is an easy-to-use crypto debit card. 

Nexo card operates with MasterCard. Reap the full benefits of Nexo card by ordering and managing the card’s transaction and account-related details via its mobile app. Just carefully enter and verify the personal information and start using the Nexo card. Also, enjoy numerous cashback with your Nexo card purchases. 

The Nexo platform is a platform that is well suited for long-term investors looking to gain wealth by leveraging their crypto. 

Despite the tumultuous year we had in 2020, cryptocurrencies have still managed to surface as one of the best-performing asset classes.

Considering this rising popularity, there are numerous solutions emerging that allow you to grow your digital currency holdings.

If you have cryptocurrencies sitting idle in your wallet, it might be the right time to consider other monetary possibilities. Instead of merely holding on to them, you can capitalize on your digital coins by obtaining financing.

Nexo is one such fintech solution that allows you to build on your digital assets holdings by giving you instant access to cryptocurrency-based loans.

In this review, we explore the ins and outs of what Nexo is and how you can make the most of its services via the NEXO token.

Launched in 2018 by Credissimo, Nexo is one of the world’s first crypto credit providers. It has already processed over $5 billion in crypto loans for over 1 million users in 200+ jurisdictions.

What makes Nexo different from other lending platforms is that you don’t have to go through any credit scrutiny or mention the purpose of the loan in order to obtain approval.

On Nexo, by collateralizing your current crypto holdings, your loan will be instantly approved, and the money will be deposited directly to your bank account. You can borrow as little as $10 and up to $2 million, depending on your collateral amount.

Nexo also allows you to earn daily compounding interest on your crypto or even fiat currency. You can earn up to 10% interest annually and withdraw your capital at any time at zero fees.

To further expand the utility of your crypto-assets, Nexo has also introduced a Nexo Card that you can use to spend your digital coins without having to sell them.

One of the most popular endeavors of Nexo is its native ERC20 utility token. The NEXO token is deemed the world’s first compliant and asset-backed digital currency that also gives you access to dividends.

The main attraction of NEXO is that it allows token holders to receive discounts on the platform and also gives you the ability to more interest on fiat and cryptocurrency deposits.

Here is a quick look at the benefits of holding a quantity of NEXO tokens:

If you believe in the prospect of NEXO, there are three ways for you to get your hands on NEXO tokens:

NEXO dividends are rolled out to all holders, no matter the number of tokens you hold or how long you have been holding them. However, you need to meet two conditions – you should have completed the KYC verification process and you should hold your tokens in the NEXO wallet.

NEXO employs an advanced distribution methodology to reward long-term investors for their confidence in the company. In addition, this approach will also decrease market volatility during the ex-dividend period.

Based on this strategy, NEXO is able to provide dividend profit-sharing in two different ways:

The dividends are calculated in US dollars and will be added to your Nexo wallet in NEXO tokens.

According to NEXO, such a methodology ensures that there is fairness in the dividend distribution. Moreover, it also helps to prevent market and price manipulation, as seen with other dividend-yielding instruments.

One of the main perks of holding NEXO tokens is that you get to take part in the NEXO loyalty program.

The program is split into four tiers – based on how many NEXO tokens you hold.

The requirements for each tier is as follows:

The higher tier you fall in, the better the loyalty benefits. This includes reduced borrowing rates, increased yields on your crypto deposits, and an increased number of free crypto withdrawals.

For instance, if you are on the Platinum tier, you can get a lowered interest rate of 5.9% on your crypto loans. On the other hand, when it comes to deposits, you can earn up to 10% in interest and an extra 2% in NEXO tokens.

The loyalty program is aimed to help you build on your digital asset holdings in the long run.

The only fees you are liable to pay on NEXO are withdrawal fees. As we mentioned earlier, you get up to three free withdrawals a month. When this limit has been reached, a gas fee will automatically be charged.

Nexo is compliant in all 200+ jurisdictions in which it operates. The security of clients’ funds continues to be a priority for Nexo. Currently, the company has partnered with Ledger Vault for the safety of wallet funds and has an insurance portfolio worth over $3 billion.

Furthermore, its partnership with BitGo ensures that you are protected in case of any third-party hacks, loss, or theft of your private keys.

The company also subjects itself to regular internal and external audits, and maintains high-level IT security policies for data protection and encryption. Overall, the system appears to be sound in terms of safety.

As an instant crypto lending pioneer, Nexo continues to offer the best rates in the market for both depositors and creditors. Today, it holds the position of the largest lender in the crypto industry.

However, what makes this project even more appealing is the NEXO token. Its unique tokenomics means that you can earn double-digit dividends. As such, its usability in the NEXO ecosystem puts forth an enticing offer to consider holding this digital currency.

Nexo announced the addition of the TRON (TRX) cryptocurrency as collateral for fiat currency loans.

Nexo offers both the possibility to obtain fiat currency loans by collateralizing cryptocurrencies and to lend funds in order to earn interest. 

With the new addition, the company expands its Instant Crypto credit lines by offering TRX owners access to the Earn on Crypto product, which allows users to receive up to 10% annual interest on lending digital assets.

The choice fell on TRX both because it is a popular token and because the TRON network has versatile use cases, high speed and a decentralized blockchain. 

TRX is the native cryptocurrency of the TRON blockchain, which thanks to its scalability and effective smart contracts can constantly handle over 2,000 transactions per second.

In turn, adding TRX to Nexo’s credit lines increases the usefulness of this cryptocurrency, alleviates sales pressure, and reduces emotional stress for holders. 

In fact, TRX secured loans allow its holders to borrow fiat money instead of having to sell tokens.

Nexo’s co-founder and managing partner, Antoni Trenchev, said: 

TRON founder and CEO of BitTorrent, Justin Sun, commented: 

Recently, the price of TRX has benefited from surges in the crypto markets, rising from less than $0.017 to over $0.019 in one month, a gain of more than 12%. 

It was since late February 2020 that it no longer fluctuated around $0.020, a level at which it had already been at the end of July last year. 

The peaks of over $0.250 at the beginning of 2018, in the middle of the speculative bubble, are still extremely distant, but at least the $0.026 figure reached in February of the same year does not seem to be so far off. 

Coinbase’s below-market interest rate on deposits of the stablecoin USDC might reveal confidence in its own strength – a bet that customers will view the cryptocurrency platform as a safe place to keep their money. 

When the biggest U.S. cryptocurrency exchange rolled out the new deposit service last week for the dollar-linked stablecoin USDC, at a rate of 4%, it touted the ability to pay customers “more than 50x the national average of a traditional savings account.”

Coinbase didn’t go out of its way to highlight that other crypto lending platforms are offering depositors higher rates – in the neighborhood of 8%. The crypto lender Celsius, for example, is currently advertising an annualized percentage yield (APY) on USDC deposits of 8.88%.

Asked about the below-market deposit rate, Coinbase pointed to the hazards of lending money to platforms that might be more risky: “We have recently seen the rise of crypto interest accounts that offer attractive rates on customers’ assets,” a Coinbase representative said in an emailed response to questions sent by CoinDesk.

“While the high interest rates are appealing, they can present varying levels of risk,” the representative added. “When you read the full terms and conditions, you may find that your assets are loaned to unidentified third parties and subject to their credit risk, which could result in a total loss of your crypto holdings.”

Such commentary highlights an increasingly relevant question as more cryptocurrency firms try to woo big institutional investors and companies to digital-asset markets with promises of high returns: What is the creditworthiness of the lender that’s accepting the deposits, and will it be able to repay them when depositors ask to redeem?   

Just as big companies typically pay lower interest rates on bonds than a smaller junk-grade issuer, Coinbase might be betting that it can get away with paying a lower interest rate on deposits because it’s a big, well-known player in the cryptocurrency industry, with a stock that’s publicly traded – meaning it has to publicly disclose financial statements and a welter of information about its risks.    

“We don’t know the exact legal structure Coinbase has this wrapped in, but 4% might not be a bad rate for accessing the debt markets if it falls under the camp of an unsecured liability of the company,” David Grider, lead digital asset strategist at Fundstrat, wrote in his weekly newsletter on June 30. “But many users will rightfully view Coinbase as a highly creditworthy borrower and find the ability to ‘lend to them’ attractive.”

Circle, the crypto native financial services firm that powers the USDC stablecoin, also offers an APY of around 4% on its USDC Circle Yield product.

Circle Yield is “an institutional-grade product,” Jeremy Allaire, CEO at Circle, recently said on CoinDesk TV’s “First Mover.”

“The USDC that is lent out is overcollateralized on our platform, which is very significant,” he said.

Compound Labs’ newly launched Compound Treasury business offers an APY of around 4% on deposits of U.S. dollars, which are then converted into USDC and invested in Compound’s decentralized lending protocol. The Compound Treasury website says the accounts are offered by “Compound Prime LLC,” which according to regulatory filings is a company incorporated in Delaware. The accounts are offered in part by the digital asset firm Fireblocks Inc. and Fireblocks LLC, a money-services business, according to the website.

Coinbase’s comparatively low interest rate might be well-timed in terms of the market dynamics: Some cryptocurrency lenders have recently been reducing their deposit rates, partly because the market has cooled from earlier in the year. 

BlockFi, Ledn and Matrixport have cut their interest rates on deposits of USDC for July amid changing market conditions, while the rates on top decentralized finance (DeFi) protocols such as dYdX, Aave and yearn.finance are already as low as 0.47%.

BlockFi’s new interest rates for USDC deposits in July are between 5% and 7.5% depending on the size of the deposits. Ledn and Matrixport are in the range of 6.5% to 9.5%.

“The borrowing demand is not great,” Cynthia Wu, head of business development and sales at Hong Kong-based Matrixport, said. With bitcoin’s price “rangebound around $30,000, there’s not much to do.”

The fear with depositing tokens to a lending platform is that the company might run into trouble. The accounts aren’t backed by Federal Deposit Insurance Corp. insurance, as is the case with savings deposits at a U.S. bank.

As Grider wrote, the risks are plentiful: “If the lenders’ assets become impaired somehow during a sell-off where liquidated collateral doesn’t cover loans issued, or during a hack lose funds, or due to the default of an uncollateralized counterparty, or due to improper management – users can lose a substantial portion of their funds, since these types of institutions are not regulated like banks.” 

CoinDesk reported in June that the cryptocurrency custodian Prime Trust had cut its contract with Celsius, citing “red flags.” A person familiar with the situation, who did not want to be identified because of the sensitivity of the matter, said Prime Trust’s risk team was concerned about Celsius’ strategy of “endlessly rehypothecating assets.”

A Celsius spokesperson told CoinDesk that the company has “never rehypothecated” New York residents’ crypto assets. 

Under Celsius’ terms of service, the company also holds assets for customers in Texas and Washington state. Celsius “may lend, sell, pledge, hypothecate, assign, invest, use, commingle or otherwise dispose of assets and Eligible Digital Assets to counterparties or hold the Eligible Digital Assets with counterparties, and we will use our best commercial and operational efforts to prevent losses,” according to the terms. 

In early June, Celsius announced that it had invested more than $200 million in mining equipment and other investments. 

Other crypto lenders, still providing relatively higher APYs for their USDC deposits such as Nexo and Voyager Digital – with APYs of 12% and 9%, respectively – say their higher rates are justified by how they manage depositors’ funds.

“There are, naturally, moments when we have slightly more funds earning interest,” Antoni Trenchev, co-founder and managing partner of Nexo, said in an email response via a representative. “In these situations, we engage in market-neutral trading strategies to generate yields.”

Trenchev predicted that Coinbase’s entry to the USDC yield-earning products would eventually push “subpar” platforms out of the market.

“This process is already becoming evident,” Trenchev said. “Unsustainable services are slowly losing traction.”

“At Voyager, we conduct proper due diligence and risk mitigation analysis before we loan out any assets,” Steve Ehrlich, Voyager’s CEO and co-founder, said via a representative. “Voyager only loans out assets to highly vetted financial institutions that are regulatory compliant and well-capitalized, each with a trusted base of counterparties.”

From :: emailNexo is Removing All Withdrawal Fees From its onset, Nexo has always been about decentralized finance (DeFi) solutions forsocial inclusion and providing crypto banking services to even the remotest corners of the world.Running a truly global enterprise across200+ jurisdictionsmeans that Nexos signatureInstant Crypto Credit Linesand our high-yieldEarn Interestproducts are for anyone. Their very goal is to further enhance financial freedom and financial returns from the comfort of your Nexo Wallet, now available on alliOSandAndroiddevices.Since the beginning of 2019 Bitcoin has delivered astounding returns exceeding 840% on an annualized basis andNexo clients have been able to profitfrom the bull run in the mosttax- and cost-efficient mannerby borrowing against their crypto rather than selling it.The Nexo model is in line with Millennials' expectations as to what financial services should cost and Satoshis vision of low-cost transfer of value in a borderless manner.Maximize your returns now by securing anInstant Crypto Credit Linesand utilize Nexos high-yieldEarn Interestproduct to earn 8% per year, all at #ZeroFees. Share this amazing news with your community and let us together create the necessary pressure for all major companies and exchange in the crypto space implement a #ZeroFees model!Best Regards,Your Nexo TeamLabels:#nexo0 Comments: Post a CommentNewer PostOlder PostHomeSubscribe to:

It's been a crazy, wild, and interesting news week for crypto. Bakkt launched on Monday. The markets crashed on Tuesday. The stablecoins are looking good, but not much else. There still hasn't been a bounce back. Maybe we should just look at this as a time to buy.

Meanwhile, keep an eye on the Top Bitcoiners list on Twitter. You might like to follow the subject of our No. 10 news item, @OhGodAGirl.

Market Watch: It's been a rough week for crypto. Bitcoin and every major altcoin hit the floor Tuesday. In fact, for a couple of days, only stablecoins looked promising. If you're invested in Tether, it hasn't looked bad this week, so continue hedging. Something's up with Algorand, though. It hasn't looked good all week and has been in the bottom five at least twice. Today, it's the biggest loser of the top 100. ABBC Coin and Metaverse ETP have flipped. Yesterday, the latter was a top gainer and the former a top loser; their positions today are reverse. It's one of those weeks.

Prices are as of 12:43 p.m. EDT.

2. Led by Bitcoin, the entire crypto market took a plunge this week and Mashable is asking if Bakkt is the culprit. Bitcoin fell as low as $8,165 after spending several months testing $10,000 and staying above its key support for an extended period. The fall was approximately 15 percent. All the major altcoins followed. Bakkt, with much anticipation, launched a Bitcoin futures market on Monday, but trading has not met expectations. The total first-day trading volume reached 71 BTC. Celsius Network CEO Alex Mashinsky saw it as a signal that institutional investors weren't ready for BTC trading and that Bitcoin's $10,000 marker was too high. -- MASHABLE

Are you rooting for Kik or the SEC? Shoot me an email to allen.taylor@inside.com and let me know.

4. The U.S. Office of Foreign Assets Control (OFAC) added 11 bitcoin addresses to its Specially Designated Nationals (SDN) list. OFAC alleges that a group of Chinese nationals used the addresses for money laundering and drug trafficking. The addresses have not been sanctioned. Rather, they've been added to the list solely to inform the cryptocurrency community of the importance of identifying transactions that should be blocked. -- INVESTMENT WEEK

8. Google claims to have built the world's most powerful quantum computer, able to perform calculations in 200 seconds that would take a normal computer 10,000 years to perform. A NASA document claims we could be entering a new age of quantum supremacy. The document was taken down because, according to a source at Google, it might not have been peer reviewed. Nevertheless, if there is any substance to the claim, quantum computing could have huge implications for Bitcoin. For instance, a quantum computer could use Shor's algorithm to ascertain a private key from a public key address. -- DECRYPT

9. Nexo accepts tokenized gold for instant credit lines and will soon offer interest-bearing accounts for gold. PAX Gold will be regulated by the New York Department of Financial Services and allow gold-backed lending. PAX Gold currently provides instant access in over 45 fiat currencies across over 200 jurisdictions. PAX Gold represents physical gold held in Brink vaults in London on the Ethereum blockchain. -- COVINGTON JOURNAL

10. ProgPow author Kristy-Leigh Minehan has resigned as Core Scientific chief technology officer. She cited potential conflicts of interest as the reason. ProgPow aims to level the playing field in Ethereum mining by negating performance differences between ASIC, GPU, and FPGA miners. Ethereum Classic Executive Director Bob Summerwill uninvited Minehan from the ETC Summit last week due to connections Core Scientific has with Craig Wright, Calvin Ayre, and Coingeek. -- BITCOINIST

Inside Bitcoin is written and curated by award-winning journalist and former newspaper editor Allen Taylor. Recognized by the Dallas Bar Association three times for excellence in legal reporting, Allen has since gone on to author, edit, or ghostwrite several white papers, books and e-books, and over 10,000 blog posts for clients ranging from small business owners to global management companies and corporate executives. Learn more about him on LinkedIn.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

Nexo will spend $12 million on its native token in the open market. Confirming the news in a press statement, the firm’s co-founder and managing partner Antoni Trenchev said: 

The company looks to continue growing the value of its token, which has already seen notable gains this year. Since October, it’s up around 160%.

It’s hoped that the move will reward investors who have supported the project from early on. 

As NEXO is an ERC-20 token, the purchases will be viewable on the Ethereum blockchain. Nexo has set up an Investor Protection Reserve with its own address on the network. The buybacks will have a vesting period of at least 12 months after repurchase, and locked tokens won’t be eligible for dividends.

That means current holders will benefit further from the program in the next round of dividends. 

Once vested, the tokens may be used for buyback trenches, interest or cashback payments, dividends, or to provide liquidity on decentralized exchange (DEX) pools. 

The platform’s token trades at $0.34 today. Its market cap is just north of $190 million. 

Disclosure: Nexo is a sponsor of Crypto Briefing.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Nexo, a crypto lending platform launched by Credissimo, has just doubled the rate of interest users will receive on their deposits. 

The new rates are a response to rising volatility and uncertainty in the marketplace, which Nexo attributes to the COVID-19 pandemic and upcoming US elections.

The update is the beginning of a new “Nexonomics” initiative aimed at making improvements to the NEXO token on the platform. The firm states that the improvements will deal with tokenomics, utility, and the native currency’s underlying value.

The firm now offers double the interest on BTC, ETH, XRP, BCH, LTC, EOS, LINK, XLM, TRX, and PAXG, with rates of up to 8% APY. 

In total, the two-fold increase in interest rates amounts to a 1% hike in standard interest.

Nexo co-founder and managing partner Antoni Trenchev described the company’s strategy as “market neutral,” stating:

The move may be part of the firm’s effort to remain competitive in the ever-growing DeFi sector. 

Nexo was founded in 2014 and has proven disruptive by slashing borrowing costs and paying out more interest to users than traditional financial services. However, with an ever-growing number of lending protocols in DeFi and over $11.27 billion in assets now locked in to the ecosystem, Nexo may now be cornering a smaller chunk of the market.

DeFi lenders such as Maker have seen major growth throughout 2020.

The new initiative to boost interest rates will likely be well-received by Nexo users and may be instrumental if Nexo remains a key player in crypto lending.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Cryptocurrency backed loan platform, Nexo, adds Litecoin as its newest option to provide loan against. The news was announced via email to Nexo’s customer and it was also announced on Twitter. With the addition of Litecoin, NEXO now supports 6 cryptocurrencies – BTC, ETH, XRP, BNB, NEXO and LTC.We are thrilled to announce Litecoin as the newest collateral option for Nexo’s instant credit lines.LTC holders can now access instant cash in 45+ fiat currency while keeping the upside potential of their #LTC!https://t.co/hqq0TtRbK9“Litecoin has always focused on expanding the decentralized finance agenda as a means of social inclusion and generating financial freedom — two goals that align the endeavor with the mission of the Nexo enterprise.”The news comes a week after Nexo announced that investors can earn up to 6.5% interest on stable coins stored on Nexo. Nexo currently supports 5 stable coins –  TrueUSD (TUSD), USD Coin (USDC), Tether (USDT), Paxos Standard Token (PAX) and Dai (DAI).NEXO token is currently up by 8% in the past 24 hours. The cryptocurrency has a market cap of $45 million and has a daily trading volume of $4 million. NEXO token is currently the 103rd largest cryptocurrency in terms of market capitalization.Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @BlockmanityDid you like the news you just read? Please leave a feedback to help us serve you better