Nexo: Collateralized by Crypto

A pioneer in Fintech

Nexo is powered by Credissmo — a FinTech Group which has been providing instant loans for over 10 years. The trio of Antoni Trenchev, Georgi Shulev, and Kosta Kantchev launched Nexo in the year 2017. The team also makes a bold claim that Nexo is the World’s First Instant Crypto-backed Loan provider. The crypto-banking firm provides loans in 45+ fiat currencies and accepts a dozen of cryptocurrencies as a collateral. Moreover, there is also an option to deposit your assets and earn interest on them, more about all of these features will be detailed below. Before jumping into it, it would be ideal to have a look at the problems the current loaning system has and how Nexo is tackling it.

No more hustles and bustles!

We all must’ve had a headache with the amount of paperwork required to be done to acquire a loan from a traditional bank. Nexo aims to put an end to this and provide instant loans to the users in a breeze. Brick and mortar banks carry out credit checks for every individual during the processing of a loan. Whereas Nexo doesn’t perform any checks as the collateral is crypto and the value attached to those assets. Ownership is another important factor which plays a crucial role in cryptocurrencies. In Nexo, only clients have ownership of the assets and they can claim and withdraw from the contract anytime. In contrast to the high exchange fees and slow withdrawal procedures, Nexo offers instant delivery of the cash to the clients without any withdrawal fees or taxes. On top of all this, loan data and the contracts are highly transparent and immutable, thanks to the blockchain technology.

Sats to Bills

Source: Nexo
Source: Nexo

NEXO Tokens

NEXO is the native ERC-20 token of the platform. These tokens can be used as collateral and the users avail discounts when NEXO is used to repay the loan. Similar to the other cryptocurrencies, NEXO can be stored and traded on various exchanges. As of writing, NEXO is being traded at a price of $0.195 with a market cap of over 100 Million Dollars according to CoinMarketCap.

Banking on the Blockchain

Nexo made it possible for the HODLERS to get some extra cash without losing the ownership of their crypto assets. In a nutshell, it is a unique project which delivers the best of both worlds. The project not only made it easier and faster to get a loan but also brought banking to the blockchain. ChangeHero believes that Nexo has great potential and can change the course of banking in the near future.

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