What Is NEXO & Why Is Its Price Going Up While the Rest of the Market Is Down
- FINTECH | CRYPTOCURRENCY
- What financial services does Nexo provide?
- Nexo provides its users with several financial services & methods to buy and earn, for example:
- Why is NEXO flourishing?
- Nexo vs Celsius | What Other Reviews DON’T Tell You
- What is the NEXO Token?
- Should you invest a Little in NEXO now?
- NEXO Token Data Current as of 2 MAY ‘22
- NEXO to USD Conversion Chart All-Time
- Final thoughts on the Nexo Financial Services Platform & the NEXO Token
- Nexo coin price prediction | Nexo coin | Nexo token
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FINTECH | CRYPTOCURRENCY
However, is it reliable? Is there a compelling reason to keep your crypto and secure a loan over other online cryptocurrency financial services? How do they compare to other online financial services that provide the same service? What other benefits can you derive from membership?
Let’s take a look.
What financial services does Nexo provide?
“Nexo describes itself as the world’s leading regulated financial Institution for digital assets. Antoni Trenchev is the co-founder and managing partner. It was founded in 2017 and is based in London, England. Nexo has raised $52.5 million in funding and claims to have over $15 billion in assets under management.” — The College Investor.
If you’re looking for financial services, such as a way to borrow money without a credit check, you may have found a solution.
Nexo financial services are equivalent to a crypto pawnshop — your crypto collateral secures your loan. What’s more, you can receive your loan in cash or stablecoins, like USDT or BUSD.
“The Nexo Exchange is an anything-to-anything exchange where you can swap seamlessly between almost any two supported cryptocurrencies you’d like — with 100+ exotic market pairs you’d struggle to find anywhere else.” — Nexo.io.
One of the most notable features of Nexo is that rates begin at 5.9%, and you gain the advantage of not having to sell your cryptocurrency and incur a tax liability. There’s also the possibility that it skyrockets as soon as you sell.
When you take advantage of financial services through the company, you will receive a credit line, which refers to the amount of money you can borrow. Your credit line will be somewhere between $50 to $2 million, and you can access all or part when you need it.
Nexo provides its users with several financial services & methods to buy and earn, for example:
- You can swap and earn free cryptocurrency on the Nexo platform. Choose from more than 300 crypto pairs to exchange and earn interest.
- Get the money you need without selling your cryptocurrency. This can be vital to those concerned with incurring a tax liability from trading or exchanging their crypto.
- Use any of 40 cryptocurrencies as collateral for your loan that starts at zero percent interest. Imagine getting the money your need for your business or buying more crypto without paying any interest.
- Build and hold a solid cryptocurrency portfolio by choosing altcoins, tokens, and stable coins, and then take advantage of great rates while staking your coins on the Nexo platform.
- Get a bonus of up to 10% interest on special coins, such as NEAR, XRP, and AXS, with “fixed-term” earnings.
- Take advantage of the Nexo Buy & HODL Crypto Challenge to get up to $1,500 with “top ups” on ADA, AVAX, BNB, DOT, LUNA, MATIC, and SOL.
- Provides users with a Nexo card with no annual fee and easy access while still earning interest and getting cashback.
“Get up to $1,500 in NEXO Tokens in your account after the 90-day Buy & HODL Crypto Challenge period.” — Nexo.io.
There’s a world of exciting things going on at Nexo. Sign up today to take advantage of these opportunities.
Why is NEXO flourishing?
The price of NEXO has been on the rise in recent months, bucking the trend of most other crypto assets.
The Nexo platform has more than 4 million subscribers and manages in excess of $12B in financial assets.
Much of the recent upward movement of the NEXO token is due to its listing on Binance 30 APR ’22.
“Nexo is a blockchain-based lending protocol that offers banking services for retail users (e.g. lending, borrowing, trading, credit cards, etc.). Users can deposit their crypto assets on the Nexo platform for various benefits such as generating interest payments, and depositing collateral for loans. The NEXO token is used for governance and platform benefits, as well as to receive interest payments.” — the Binance announcement.
There are several reasons for the platform’s success.
First, the platform allows users to borrow against their crypto without selling it. This means that users can still hold onto their crypto, benefit from any future price increases, and withdraw or add funds at any time.
Second, the platform is backed by significant crypto players such as Binance and Bitfinex, which adds to its credibility.
Finally, the platform is one of the few crypto loan platforms compliant with regulations, making it a more attractive option for many crypto investors.
As such, the platform will likely continue to see strong growth in the coming years as crypto lending becomes more popular and other platforms struggle to keep up.
Nexo vs Celsius | What Other Reviews DON’T Tell You
What is the NEXO Token?
The total supply of NEXO tokens is 1 billion, with 560 million currently in circulation. The first three years after the token was created, its price fluctuated between $0.09 and $0.50. In 2021, the price per token exploded to $3.60+.
The NEXO native token, when locked on the Nexo platform, allows users many benefits like loan interest discounts and staking opportunities to receive a higher rate of interest, typically, APY on your deposited funds.
Token HODLers also receive dividends (just like dividend-producing stocks) when the Nexo platform has profits.
Should you invest a Little in NEXO now?
The NEXO token could be a valid investment if you are a crypto enthusiast. Likewise, you could use the financial services available through Nexo to obtain a loan.
You should examine the services and fees to ensure you get the best available deal. Perhaps more importantly, you should choose the safest. Always ensure your assets are protected and never provide your keys, pin, or password to anyone.
As I wrote in another article, Not Your Keys, Not Your Crypto (NYKNYC).
Globally, governments are enforcing these standards to ensure cryptocurrency financial services do not become outlets for money laundering. Many of these crypto exchanges are happy to let your deposit fiat (government-issued) currencies.
The problem usually occurs when you try to make a withdrawal. To protect yourself, comply with all the requirements and make a series of small deposits and withdrawals. Although larger deposits and withdrawals indeed require higher levels of identification, knowing that you can make withdrawals is essential.
If you look at Trust Pilot, an online review service, you will see many of the problems people have various crypto services. They frequently call them “a scam” because these users couldn’t withdraw their money.
However, when you use Trust Pilot to verify the validity of the service you would like to use, make sure there are thousands of reviewers and read through a few of the one or two-star ratings to ensure they have a legitimate complaint, and more importantly, how did the service resolve the issue.
When there are only a few ratings, and they’re all good, it could be the company had people do those for a reward or payment. Furthermore, you will likely see many entries by the same person from different email addresses. I’d prefer to do business with a company with an honest 3 or 4-star rating.
NEXO Token Data Current as of 2 MAY ‘22
“The live Nexo price today is $2.19 USD with a 24-hour trading volume of $24,724,318 USD. We update our NEXO to USD price in real-time. Nexo is up 6.36% in the last 24 hours. The current CoinMarketCap ranking is #67, with a live market cap of $1,226,362,822 USD. It has a circulating supply of 560,000,011 NEXO coins and a max. supply of 1,000,000,000 NEXO coins.” — Coin Market Cap.
NEXO to USD Conversion Chart All-Time
Although NEXO is currently a little less than half of its all-time high (ATH) of $4.63 on 16 NOV ’21. That fits the overall market since then. However, its all-time low (ATL) was $0.04333 on 12 SEP ’18. The current price is 5171.21% higher than the ATL. NEXO’s return on investment (ROI) is 2184.16% so far.
Final thoughts on the Nexo Financial Services Platform & the NEXO Token
The Nexo platform offers many financial services to crypto holders that allow them to HODL and benefit from their coins without selling. This could be huge in a down market such we are experiencing now.
With Nexo financial services, you can easily swap up to 40 cryptocurrencies while also receiving top-tier security for your assets. Additionally, you can borrow cash or stable coins as you need them with an APR starting at 0%.
If you are holding a lot of cryptocurrency and you need money or want to buy more, placing your crypto in Nexo as collateral is an option. The interest rates are very competitive for crypto loans.
The NEXO token is an ERC-20 interest-bearing security token. Nexo markets the token as being fully SEC-compliant, though I’m sure that’s what the Ripple executives thought too.
Here’s a video explaining NEXO financial services and a NEXO token price prediction.
Although I am not fond of computer-generated voice-overs, there is a lot of valuable information in this video, so it could be worth it to grit your teeth and listen.
Nexo coin price prediction | Nexo coin | Nexo token
However, at the current price of $2.19 per token, it might be advisable to take a chance with a small investment to see where it goes in the coming months before you decide whether or not the NEXO token is an acceptable risk as a crypto investment.
Do your own research (DYOR) and never invest money you can’t afford to lose.
DISCLAIMER: This article is for entertainment and informational purposes only. It should not be considered financial or legal advice. Not all information will be accurate. I am not a financial adviser, and you should consider anything I write as informational and friendly banter to show you what is possible if you invest your money in these vehicles. However, there are no guarantees. Consult a financial professional before making any significant financial decisions.
Note: This post contains affiliate links. Read my disclosure statement for additional information.
Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Investing, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.
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