The Nexo network is a dedicated blockchain-based platform that offers participants instant cryptocurrency loans. Although users are required to deposit in specific stable coins such as Ether, Litecoin, and Bitcoin as collateral before getting access to the loan.
The system serves as an Avenue for securing liquidity flexibly and automatically and provides other bonuses for the provision of liquidity. The network also supports over 20 different cryptocurrencies and is backed by a transparency-focused system. The transparency-focused system is a blockchain technology-based tool that is specifically used for the processing of ethereum based smart contracts. The system also serves the purpose of storing relevant data to the loan transactions being executed on the network.
The Nexo network also has a native cryptocurrency token that provides a series of benefits for the participants when locked in. Some of these benefits include discounts on loan accumulations as well as the opportunity to earn interest on deposited funds. Nexo token holders are also entitled to dividends from the network’s profits.
Who are the Founders of Nexo (NEXO)?
The Nexo network was established by a group of cryptocurrency enthusiasts and financial experts who entered the blockchain space to provide specific financial services to the cryptocurrency world. The team launched the Nexo platform in 2018 and it stood out as the first crypto platform to provide loans in both fiat and stable coins for digital asset holders. This process in return set up the foundation of the current lending nichè in the crypt world.
The collective behind the creation of the Nexo network has a combined experience of over three decades. These years of experience cut across different industries including financial services, non-crypto lending, merger and acquisitions, investment banking, and hedge funds. The platform’s co-founder, Antoni Trenchev on the other hand is experienced in finance law and AML solutions.
The public face of Nexo’s management system, Trenchev has been an advocate for the adoption of cryptocurrency and blockchain technology on a wider scale. From 2015 – 2017, He was also a parliamentary member in Bulgaria’s National Assembly and promoted the integration of blockchain technology for e-government systems. He also advocated for frequent comments on cryptocurrency news in the financial sector developed surrounding mainstream platforms like Bloomberg.
The Nexo system currently has over 200 territories all over the world that are focused on the management of over $4 billion in digital assets. It currently has its management based in London and has over 150 employees.
What is Nexo (NEXO) used for?
The Nexo network was created out of the ambition to solve several financial service-related problems that have been facing the blockchain industry. In general, the developers of the platform are referred to as the most pressing in the fintech industry. For starters, the system aims to prevent digital assets from sitting in wallets idly, as opposed to growing by interest rates.
Even though the adoption process for cryptocurrency is still relatively ongoing, early adopters of the system already created wealth for themselves. The goal of the Nexo system is for individuals with cryptocurrency assets to be able to tap into this wealth in the form of loans to create greater wealth. Additionally, security is also provided as the market value of the digital assets will be linked to the user’s Nexo account.
Its dedicated cryptocurrency, NEXO can also earn value for its holders as it can be swapped with other cryptocurrency pairs such as USDT to make a profit for its holders.
What Is the Unique Point of Nexo (NEXO)?
According to the Nexo network’s white paper, the platform is the first system to provide loan services to solve the shortcomings of the cryptocurrency market. It automates the lending procedure that makes use of smart contracts as well as an Ethereum based oracle for loan management. Immediately after a participant on the network transfers cryptocurrency assets to a Nexo-based wallet, the oracle creates and awards the user the loan. When the participant makes a deposit in order to repay the loan, the oracle also records the transaction on the blockchain and replaces the funds. This process is facilitated through the Nexo smart contracts system as it also powers the Nexo system and records the balance of the users.
The creators of the network have confirmed that the system was created to appeal to both individuals and organizations who require liquidity from their digital assets. The company makes a profit from the interest rate paid on loans and offers consultancy and institutional lending services.
The network aims to build a user base of participants that continue to use its services and remain invested in the Nexo ecosystem. To this end, the company announced that it would be launching a loyalty program that rewards Nexo token holders. This gives them access to special interest rates on loans in addition to higher savings yields.
How many Nexo (NEXO) coins are in circulation?
In total, the Nexo system has a token supply capped at 1 billion, out of which several allocations were made. The allocation follows 250 million Nexo, 25% was allocated to fundraising and overdrafts. This will also include a 6-month cliff and 12 month vesting period. 112.5 million tokens at 11.25% were allocated to the founding member and its team. A quarterly vesting period of 48 months was also included. Airdrop campaigns and the overall development of the community were assigned 60 million Nexo tokens. 52.5 million Nexo was allotted for marketing, legal fees, and advisors. It is also subject to a vesting period of 12 months. 525 million Nexo tokens were sold to investors.
In the early stages of the system’s creation, it planned a main token sale and a public presale. However, the network had to cancel the public sales as a result of too many private investors. Later in October 2020, the network announced the launch of a system called Nexonomics aimed at increasing its token value and driving its tokenomics.
Is the Nexo (NEXO) Network secured?
The Nexo platform is a private corporation and as such is responsible for the provision of its security protocols for the network and funds of the participants. The system makes use of a cryptocurrency asset-keeping platform called BitGo. The system secured the assets by storing them in cold wallets and also has a $100 million insurance cover. The system reported that it had been certified by ISO/IEC 27001:2013 in November 2019 after being audited by a series of IT software quality Consortiums.
The native cryptocurrency token of the Nexo system, NEXO was also issued on the ERC-20 specifications which imply that its on-chain transactions are being verified by Ethereum’s proof of work algorithm. The algorithm is a consensus mechanism where miners compete with each other for the addition of new blocks to the blockchain. The system also features a protocol whereby the majority of the nodes on the network are required to validate a record before its added to the blockchain.
When the platform was launched, the Nexo system stated that it had been completely audited by several platforms including the Castillo Network and they found no crucial security issues.
How do I buy Nexo (NEXO)?
The Nexo network is one of the pioneers of providing cryptocurrency loans and as such has the highest user base in that line of cryptocurrency solutions. However, the platform is still actively advocating for increased integration of its use in society. This has led to its tokens being available across several exchanges. To buy NEXO tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy NEXO through your trading account.
Which Cryptocurrency Wallet Supports Nexo (NEXO)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as NEXO tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main NEXO wallet as it offers a simple and interactive interface, making it easy to navigate its system.