Do not sell your Cryptocurrencies instead take a crypto overdraft with Nexo
The Perils of Selling your Crypto in a hurry
Your Bitcoins and cryptocurriencies are like your family gold and silver and their value grows over time.
If you believe in a cryptocurrency hold on to it and reap the benefits of the price rise.
This advice is easier said then followed because there may be an immediate need for money.
Selling of crypto to meet your immediate financial needs is not the best advice one can give you. As it would need you to give up your cryptocurrency and any future gains.
Selling high and buying low can be a good strategy but selling it because you need money can totally backfire in a rising crypto market.
Why Selling Cryptocurrencies to fulfill immediate financial need is not a good idea?
To convert your cryptocurrency to fiat first you need to sell the crypto at an exchange then make a fiat withdrawal request and wait for the money to come to your bank account.
So many times your financial emergency cannot wait for such a long time.
A better solution would be Nexo
Nexo lets you get an instant overdraft for your cryptocurrencies
The Process is very simple to follow. You transfer your cryptocurrency to the Nexo overdraft wallet.
In return Nexo sends out the overdraft amount to you.
The Payment is made to your bank account that you specify or can be given as funds in your credit card.
The process is instant and does not require any paperwork. When you payback the overdraft amount as per the terms your crypto is released back to you.
The entire process is powered by Nexo Oracle the core software behind the Nexo overdraft system.
This is an automated system and governs each step of granting an overdraft using a smart contract making the entire process transparent and smooth.
Nexo Oracle
This is quite unlike the real world where an unsecured loan means doing a lot of paperwork. It is both lengthy and time consuming
Real world banks and financial institutions are hesitant in dealing with cryptocurrencies but Nexo recognizes their true worth and considers them as assets that have value and you as a user can ulock this value anytime you feel like.
With Nexo you retain the ownership of your cryptocurrency. Your cryptocurrency remains yours except for the it being secured in the Nexo wallet. so you keep benefiting from its future growth.
Nexo Tokens
The Nexo tokens are an important part of the system. The Nexo tokens are backed by the Overdraft assets portfolio and User earns 30%dividend from the company profits by holding the tokens
A person who has taken an overdraft can use the Nexo tokens for making discounted overdraft payments.
A person can also store the tokens in the Nexo wallet to get a discount on the interest and also avail an increase in the overdraft limit
To pay back you can use fiat, or crypto as a mode of payment.
Using the Nexo tokens entitles you to some preferential rates and benefits. Another way is that you can use the crypto stored in the overdraft wallet to make a re-payment.
The Nexo Credit Card
The Nexo credit card can be used as any credit card. The difference is when you take a overdraft you can use the nexo credit card to use the fund that are given to you. So if the value of your crypto in the wallet increases you can receive more fund to spend if you wish to. However remember you have to pay back
Use Case
Alex is a cryptocurrency miner. He started to a few years back when mining was relatively simple. with the passage of time he realized that he ends up selling almost all his crypto to cover for the expenses and the hardware upgrades required. As a result very little is left in his hand.He wonders if there is a way out from this situation so that he may hold his crypto long enough to reap the rewards of growth.
Here comes Nexo to his help
Alex can put his crypto in the overdraft wallet for a period of 2 months. He gets an overdraft which he pays back from the part of the salary he receives. By this method he gets an extended credit cycle to pay back. As he takes all the overdraft on his Nexo credit card so he knows his spending limits and his billing cycle. This extended billing cycle and part liquadation of crypto helps him retain most of his crypto. This is a much better situation then having to sell all his crypto.
The Nexo overdraft facility can be very useful not only for miners but also individuals, exchanges and hedge funds.
Meet Credissimo
Credissimo is a fin tech behind Nexo.It was founded in 2007. it adheres to the highest regulatory requirements and has been strictly following them.
So far it has processed over 1,000,000 loan applications.
The Nexo Token Sale
The Private sale of Nexo was subscribed 5 times and even the public white list indicates 11 times oversubscription. Due to the current institutational support Nexo has decided not to conduct the Public Pre sale and the main token sale.
A person keen to invest can still join the waitlist
The business prospects look extremely promising considering the fact that Nexo has received early requests for the Nexo instant Crypto overdraft that exceeds an amount of $500 million.
The Entire credit for making the Nexo project so successful goes to the Advisors
and the managing partners
Here is a short video that explains the project
More Information & Resources:
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