Nexo is marketed to individual and institutional investors, cryptocurrency companies, exchanges, miners and others who want liquidity from their assets. Smart contracts are used to power NEXO and to record user balances. When the user makes a deposit in order to repay the loan, the oracle returns the cryptocurrency and records the transaction on the blockchain. After a user transfers cryptocurrency to a Nexo-controlled wallet, the oracle establishes the loan and the user is instantly allocated the funds. Its automated lending process uses smart contracts and an oracle on the Ethereum blockchain to manage loans. What Makes Nexo Unique?Īccording to its whitepaper, Nexo is the first-ever provider of instant cryptocurrency-backed loans and it intends to solve inefficiencies in the lending market. The company currently has 150 employees, with its management based in London. Nexo currently services over a million users across 200+ jurisdictions, managing over $4 billion in assets. Trenchev, who has acted as the public face of Nexo’s leadership, has a track record in advocating for wider blockchain and crypto adoption, notably serving as member of parliament in Bulgaria’s National Assembly from 2015 to 2017, where he promoted the implementation of blockchain solutions for e-government services, as well as frequently commenting on crypto and digital finance-related current events to mainstream media, including Bloomberg, The Independent, and CNBC. The collective behind Nexo has a combined experience of over 30 years in financial services, including non-crypto lending, investment banking, mergers and acquisitions, and hedge funds, with Co-founder and Managing Partner Antoni Trenchev additionally contributing with experience in Finance Law and in KYC and AML solutions. In 2018, the team launched the Nexo platform, offering the world’s first crypto credit lines that allowed digital asset holders to obtain fiat and stablecoin loans against their cryptocurrency, and thus setting the foundations of the crypto lending niche. ![]() Nexo was founded by a team of finance professionals and crypto enthusiasts, who turned to blockchain to create the crypto equivalent to a service well established in traditional finance, but hitherto non-existent in digital finance- borrowing against the value of your assets while retaining ownership. The project was first announced in December 2017, and it launched in April 2018. Token holders also receive dividends from Nexo's profits. Nexo has a native token, NEXO, that when locked in the platform grants users benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. Users deposit an accepted token - such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) - as collateral to receive a loan in the form of a fiat currency or stablecoin. Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans.
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