Nexo (NEXO): an overview of the token and lending service, price, rate chart, how to buy and store a NEXO token

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Nexo is a lending service using cryptocurrency. It allows you to take loans in fiat and stablecoins secured by cryptocurrencies and stablecoins, earn on deposits up to 12% per annum with daily payments, quickly exchange assets within more than 100 crypto-fiat pairs.

NEXO is a utility token of the platform that gives the right to receive dividends, increase the interest rate on deposits and decrease it on loans, increase cashback for payments from a card, increase the profitability of the referral program. The Profinvestment.com editorial team offers a brief overview of the lending platform and the specific values ​​of its token.

NEXO token price to USD

NEXO to USD chart

General information

NameNexo
TickerNEXO
Token typeERC-20; BEP-2
BlockchainEthereum, Binance Smart
Launch year2018
Observershttps://etherscan.io/token/0xb62132e35a6c13ee1ee0f84dc5d40bad8d815206https://ethplorer.io/address/0xb62132e35a6c13ee1ee0f84dc5d40bad8d815206https://explorer.binance.org/asset/NEXO-A84
Current issue as of 04/29/21560 000 010 NEXO
Maximum emission1 000 000 000 NEXO
Course on 04/29/213,69 $
Capitalization on 04/29/212 069 890 647 $
Official sitehttps://nexo.io/
Sourcehttps://github.com/nexofinance
ContractNEXO-A84 в Binance Smart; 0xb62132e35a6c13ee1ee0f84dc5d40bad8d815206 в Ethereum
Bloghttps://medium.com/nexo
Documentationhttps://nexo.io/assets/downloads/Nexo-Whitepaper.pdf?=1
Social networkshttps://twitter.com/NexoFinancehttps://reddit.com/r/Nexohttps://www.facebook.com/600422830081646https://t.me/nexofinancehttps://www.youtube.com/channel/UCDMuAzBypoeEV9i6v-dmQwA
ExchangesUniswap, Huobi, Binance DEX, 1inch, Nexo Exchange and others

Nexo platform: functionality, purpose

Within the framework of Nexo, the user is provided with loans with cryptocurrency collateral, which give the owners of digital assets the opportunity to put their cryptocurrency into circulation without selling it. Nexo takes the best of both worlds:

  • Instant access to fiat money.
  • Full retention of ownership of the cryptocurrency.

Crypto-backed loans are a flexible way to obtain liquidity equal to the value of a client’s digital assets. Blockchain technologies, smart contracts, algorithmic processes provide transparency of all processes.

The business model looks like this:

  1. The client transfers the cryptocurrency to the Nexo account. As soon as the transaction is confirmed on the blockchain, a special oracle automatically calculates credit limits and other potential loan settings. The credit limit is based on the current market value of the crypto. If the coins become more expensive, the blockchain oracle increases the credit limit.
  2. The client receives an instant loan in fiat (rubles, dollars or other world currency). Clients can choose the most convenient way to receive funds – bank cards, e-wallets.
  3. The client repays the loan. This can be done with both fiat and cryptocurrencies. If you pay with NEXO tokens, you can get a discount on the interest rate. Nexo does not require monthly minimum payments. If it is not possible to repay the loan with fiat, you can activate a partial or full sale of cryptoassets on the account.

The client can withdraw the entire or partial amount of the cryptocurrency if the funds in the account exceed the outstanding balance.

Additional functions

Nexo also allows you to earn on cryptocurrency deposits – up to 12% per annum on stablecoins, up to 8% on other cryptocurrencies.

The escrow process is very simple:

  1. Fund your account with any of the supported assets.
  2. Receive automatically accrued interest on your account.

At any time, you can add or withdraw assets, the percentage will be independently recalculated.

The assets, which are held on the Nexo platform, are insured for $ 375 million. Security complies with the ISO 27001: 2013 standard and includes effective risk assessment, secure cold wallets, modern cybersecurity of confidential data. More than 1.5 million users consistently use the services of the service.

NEXO Token

The NEXO utility token is the first token in the world to provide holders with dividend payments, as is the case with company shares. Over the three years of its existence, users have been paid over $ 9.5 million.

In the form of dividends, 30% of the platform’s net profit is distributed among the holders of NEXO tokens. The basic dividend is paid to holders in proportion to their stock of NEXO tokens, and loyalty dividends are paid for each NEXO token, depending on the length of time it has been in the wallet.

In addition to dividends, token use cases:

  • Deposits at 8% per annum for BTC, XRP, LTC, ETH, EOS, BCH, XLM, BNB, TRX, LINK, PAXG.
  • Deposits at 12% per annum for stablecoins, euros, pounds sterling, US dollars.
  • Loans at 5.9% per annum for Nexo Instant Crypto Credit Lines.
  • (in the future) Increased cashback for purchases from a card, a discount for ATM withdrawals and international transactions.
  • (in the future) Higher reward for attracting referrals.

User loyalty level – Basic, Silver, Gold or Platinum – is based on the ratio of NEXO tokens to the value of all assets on the account balance. This ratio should be at least 1%, 5% or 10%, respectively.

Where to buy and store NEXO?

As an ERC-20 and BEP-2 token, NEXO is traded on several decentralized and many centralized exchanges, including but not limited to:

  • Uniswap
  • YoBit
  • Huobi
  • 1inch
  • Binance DEX
  • Nexo Exchange

You can store the asset on the balance of the listed centralized exchanges, in the Metamask web3 wallet, Binance Chain, Trust Wallet, in the Ledger hardware wallet, as well as directly on the balance of the Nexo platform.

Conclusion

The Nexo platform has a reputation for being a convenient service for newbies who have never used crypto loans or deposits before. It is easy to get used to, many different assets are supported, adequate interest rates. Client funds are kept safe and insured for millions of dollars. The NEXO token is a fairly popular and liquid asset due to its high utility. What will be its future prospects directly depends on the quality of development of the platform itself, attracting new users, expanding functionality.

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