Nexo emerges as a blockchain-based lending platform that offers users instant crypto-backed loans. Users can deposit accepted tokens such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or XRP (XRP) as collateral to receive a loan in the form of fiat currency or stablecoins.
What is Nexo (NEXO)?
Nexo was founded by a team of finance experts and crypto enthusiasts to create a crypto equivalent for a service that works well in traditional finance but has not been available in digital finance until now. In 2018, the team launched the Nexo platform, offering the world’s first crypto credit lines, allowing digital asset holders to obtain fiat and stablecoin loans against their cryptocurrencies, thus laying the foundation for the crypto credit niche.
Trenchev, acting as the leader of Nexo, has a background in advocating for broader blockchain and crypto adoption, having served as a member of the Bulgarian National Assembly from 2015 to 2017, where he particularly promoted the implementation of blockchain solutions.
According to its whitepaper, Nexo aims to address inefficiencies in the credit market as the first instant crypto-backed credit provider. The automated lending process uses smart contracts to manage loans and an oracle on the Ethereum blockchain. Once a user transfers cryptocurrency to a wallet controlled by Nexo, the oracle forms the loan and allocates funds to the user instantly. When the user repays the loan, the oracle returns the cryptocurrency and records the transaction on the blockchain. Smart contracts are used to power NEXO and record user balances.
Nexo aims to build a customer base that continues to use the platform and invest in NEXO. Therefore, the company offers a loyalty program that rewards those who hold NEXO in their accounts, providing them with preferential interest rates on loans and higher returns on savings. Nexo also distributes 30% of its profits to NEXO token holders in the form of dividends.
According to statements, Nexo is a private company and thus responsible for the security of its network and user funds. Nexo stores its digital assets with BitGo, a crypto asset custodian that keeps tokens in cold storage wallets and is insured under a $100 million policy. In November 2019, Nexo announced that it received ISO/IEC 27001:2013 certification after an audit by RINA and the BT Software Quality Consortium.
How to Buy NEXO Coin?
NEXO Coin can be purchased quickly and securely via Binance, the world’s largest cryptocurrency trading platform by trading volume.
To buy NEXO Coin, one must first register with Binance and then transfer fiat currency. After sending fiat currency such as US Dollar, one can perform the purchase in Binance Coin (BNB), Tether (USDT), BUSD, and Bitcoin (BTC) NEXO trading pairs where NEXO Coin is traded.
In addition, users can place purchase orders at a lower value than the market price by using the Limit tab and entering the desired amount and price on Binance. This allows users to buy at their preferred price.
