π Coin Vote π
https://twitter.com/coinbureau/status/1232330564562231298
- coinbureau
β° Time Stamps β°
1:33 Introduction to Crypto Lending
3:20 Why it's useful
4:50 Nexo Overview
6:14 NEXO Token
8:04 Nexo Platform Overview
9:40 Steps to Take a Loan on Nexo
11:10 Over Collateralized Loans
12:01 Lending Funds to Nexo
13:45 Nexo Competition
15:22 Conclusion
βοΈ π Helpful Links π βοΈ
βΊ Website: https://nexo.io/
βΊ Whitepaper: https://nexo.io/assets/downloads/Nexo-Whitepaper.pdf
βΊ Nexo Token: https://nexo.io/assets/downloads/NEXO-Token-Terms.pdf
οΏ½οΏ½οΈ Socials οΏ½οΏ½
βΊ Official Blog: https://medium.com/nexo
βΊ Twitter: https://twitter.com/NexoFinance
βΊ Telegram: https://t.me/nexofinance
βΊ Reddit: https://www.reddit.com/r/nexo/
π Project Overview π
Nexo is a subsidiary of a company called Credissimo which is based in Switzerland. It was launched in 2007.
Credissimo actually held an Initial Public Offering back in 2014 and in 2017 they launched nexo. Nexo held a successful ICO in April of 2018, bringing in a little more than $52 million.
Since that time, Nexo has grown to more than 300,000 users and more than $700 million in processed transactions. Nexo has provided loans in more than 200 countries and in more than 45 different currencies.
π°οΈ Token π°
The NEXO token offers security features that may not otherwise be accessible on the platform. NEXO is an asset-backed dividend paying token, with NEXO holders getting 30% dividends based on Nexoβs profits.
NEXO is also a utility token that offers an interest discount. This feature applies a discount for token holders when they choose to use the NEXO token to repay the interest on their loans.
Nexo users will also get access to higher loan limits. Additionally, Nexo encourages use of its token on the platform by providing loan interest discounts to anyone using NEXO for their crypto loan.
It's an ERC20 token that was issued on the Etheruem blockchain and has a total supply of 1 billion tokens.
βοΈ Technology βοΈ
Nexo uses BitGo's custody service. This is one of the most secure crypto custodian services on the market. They also have insurance for any hacks or losses from Lloyds of London.
Nexo also has a mobile app to aid in streamlined services while improving your overall experience on the platform.
There are also extenstive customer support functions and you can delve into their broad FAQ section.
π° Overcollateralised π°
Nexo loans are overcollateralised which means that you will only be able to access a certain percentage of what your crypto is worth. This is done in order to protect the system in case there was a crash in the value of the crypto.
This also means that if you were to lend funds on Nexo you would have safety from the collateral collapsing below the value of the loan.
β Competition β
The Celcius network has completed more than 160,000 coin loan trades, and they distributed more than 3 million dollars in interest payments.
Blockfi provides wealth management products to investors in crypto, all powered by blockchain technology. The minimum that you can borrow on the platform is $5,000 and they offer loans at a 50% Loan-to-value ratio.
Blockfi seems to offer rates of return that are higher than that of Nexo (up to 8.6%).
SALT is another competitor to Nexo although they do not offer lending on the same range of coins. You also have very little support for the SALT token on exchanges.
οΏ½οΏ½ Disclaimer οΏ½οΏ½
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Nexo #lending #crypto #blockchain #Ethereum #Bitcoin #BTC #loans
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