nexo
NEXO
$0.679-1.66% 24H

Nexo is a decentralized lending platform that provides customers with fast cryptocurrency-backed loans. Users can get a loan in the form of a fiat currency or stablecoin by depositing an accepted token, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), or XRP (XRP).

Nexo also allows you to profit from your cryptocurrency investments by earning interest. Interest rates vary according to the manner of distribution and the coin, but you may anticipate earning between 6% and 12% APR. Nexo is headquartered in Switzerland, making it less exposed to the growing regulation of crypto lending services in the United States.

What is Nexo?

The Nexo blockchain-based system’s fundamental function is to give immediate cryptocurrency-backed loans, and the Nexo platform and its native NEXO token are at its core. The site, which was launched in April 2018, aims to promote a paradigm in which obtaining crypto loans is made simpler than ever before, with loans accessible in fiat currency and without the need for credit checks. Users only need to put compatible crypto tokens into their Nexo wallet, after which they will receive their cash-based loan immediately.

The method was created as a way to automatically and flexibly secure liquidity, with the added benefit of backing up the clients’ liquidity with their digital assets. Nexo accepts more than 20 cryptocurrencies, including Bitcoin, Ethereum, XRP, Cardano, Monero, and others. USD, EUR, BTC, ETH, and NEXO tokens are all accepted as payment methods. The transparency-focused system at the heart of Nexo, whose Nexo Oracle component is charged with executing Ethereum-based smart contracts as well as storing data pertinent to a specific loan, is built on blockchain technology.

Finally, the NEXO token is an ERC-20 token that serves as the platform’s interest-covered security.

Nexo: roots and history

Nexo was founded by a group of finance professionals and cryptocurrency enthusiasts who turned to blockchain to create the crypto equivalent of a service well-known in traditional finance but previously unavailable in digital finance: borrowing against the value of your assets while maintaining ownership. The Nexo platform was created in 2018, and it was the world’s first crypto credit line, allowing digital asset users to get fiat and stablecoin loans against their cryptocurrency, laying the groundwork for the crypto lending industry.

According to the coinmarketcap website, Nexo’s team has over 30 years of experience in financial services, including non-crypto lending, investment banking, mergers and acquisitions, and hedge funds, with Co-founder and Managing Partner Antoni Trenchev’s expertise in Finance Law and KYC and AML solutions adding to the mix.

How does Nexo work?

Nexo loans are received the same day or the next day by bank transactions, including SWIFT, SEPA, or ACH.

A personal or company account can be used to receive funds. The immediate crypto loans function in tandem with the free Nexo card option. It calculates a loan limit based on the value of crypto assets kept in a customer’s Nexo account, with more credit being accessible instantly after the assets increase in value.

To take a loan from Nexo, Clients must first move their cryptocurrency holdings to their Nexo accounts. Following that, the Nexo system initiates a series of blockchain-based crypto-asset validations. The Nexo Oracle instantly begins calculating loan limit amounts and preparing for their provision based on the received validations.

By bank transfer or Nexo card, the customer obtains an immediate loan in fiat cash. Clients can pick the most convenient currencies in which their funds will be denominated based on their preferences. If the value of a cryptocurrency rises, the Nexo Oracle will automatically raise the lending limit.

Clients can return their loans in a variety of methods, including bank transfers and fiat or cryptocurrency payments. Those who choose to use the platform’s NEXO tokens will receive discounts. It is also possible to partly repay a loan by selling crypto assets held in Nexo accounts.

Cryptos from a Nexo account can be withdrawn in full or in part at any moment, as long as the amount owed is within the required limitations.

Why choose Nexo?

Nexo is the first-ever provider of quick cryptocurrency-backed loans, and it aims to eliminate inefficiencies in the lending system. Its automatic lending procedure manages loans using smart contracts and an oracle on the Ethereum blockchain. The oracle initiates the loan once a user sends bitcoin to a Nexo-controlled wallet, and the funds are instantaneously assigned to the user.

The oracle refunds the cryptocurrency and records the transaction on the blockchain when the user makes a deposit to repay the loan. NEXO is powered by smart contracts, which are also utilized to keep track of user balances.

Individual and institutional investors, cryptocurrency firms, exchanges, miners, and anyone looking for liquidity from their assets will be interested in Nexo. The interest on loans earns the firm money, and it also provides institutional lending and consulting services.

Nexo wants to establish a user base of clients who will stick with the platform and invest in it. As a result, NEXO has launched a loyalty program that rewards customers who retain NEXO in their accounts with lower interest rates on loans and better savings yields. Nexo also pays out 30% of its income in the form of dividends to NEXO token holders.

nexo NEXO
$0.981

Convertor

Enter Amount
Base Currency
Convert To

1 bitcoin
=
AUD

People also watch

bitcoin
BTC/AUD
$29,397.41
-0.98%24H
ethereum
ETH/AUD
$1,577.91
-2.87%24H
tether
USDT/AUD
$1.45
0.080%24H
usd-coin
USDC/AUD
$1.44
-0.27%24H
binancecoin
BNB/AUD
$311.73
-1.03%24H
binance-usd
BUSD/AUD
$1.44
-0.14%24H
cardano
ADA/AUD
$0.674
-5.15%24H
ripple
XRP/AUD
$0.466
-0.52%24H
solana
SOL/AUD
$50.41
-0.79%24H
polkadot
DOT/AUD
$10.82
-5.92%24H

FAQs

Best way to buy Nexo in Australia

As a trader based in Australia, it is preferable to locate a reputable and DCE-registered local crypto exchange. Bitunivex has everything you need for a successful trade. Clients benefit from our seamless trading and crypto storage services.

It is not just for experts; even if you have no prior experience with trading, you can simply find what you need on this exchange.

Is Nexo real and safe?

The Nexo project has the support of Credissimo, a financial company with millions of consumers and more than a decade of expertise which makes Nexo more credible. Its main business operations are instant online consumer loans, e-commerce finance, and payment services. The Nexo project arose from the Credissimo team’s desire to provide comparable capabilities to the realm of digital assets enabled by contemporary crypto technology. Given that crypto-related ventures are frequently subjected to regulatory scrutiny and public cautions, the situation with Nexo should be at least slightly more relaxed, given that Credissimo is regulated by numerous European banking and financial services organizations.

Can I cash out Nexo anytime?

Time is one of the most important aspects of trading. You should be able to buy, sell, and even withdraw your asset at any moment.

In less than three minutes, we at Bitunivex are able to respond to your cash-out request. Because we all know how unpredictable the cryptocurrency industry is and how quickly things can change. Bitunivex accepts direct bank transfers, so you can select how you want to withdraw your funds, and we will handle the rest. You have the option of sending your asset to an external address or to your bank account.