Summary

NEXO Token (NEXO) is the native token of the Nexo cryptocurrency trading and lending platform and is compatible with both ERC-20 and BEP-2. Users who hold NEXO in an account on the Nexo platform enjoy numerous incentives, including higher yields on their digital assets, free cryptocurrency rewards when purchasing with a credit card, and interest rates on borrowing against cryptocurrency-enabled credit lines Discount.

Introduction

Nexo started out as a cryptocurrency lending platform in 2018 and is considered a pioneer in cryptocurrency credit lines. Today's Nexo platform is a complete cryptocurrency financial ecosystem where users can buy, sell, trade and borrow cryptocurrencies. The latest addition to the suite is the Nexo Credit Card – the world’s first cryptocurrency-enabled credit card.

What is the Nexo ecosystem?

Nexo has more than 4 million customers worldwide, and this number has risen sharply in 2020 with the release of their Earn product. This new business allows platform users to receive interest on their cryptocurrency assets. The move attracted a slew of new cryptocurrency enthusiasts who were not necessarily looking for loans but wanted to use their cryptocurrencies to earn passive income.

The Nexo ecosystem is an all-inclusive solution for various cryptocurrencies. Novice users can purchase their first cryptocurrencies with just a few clicks and start earning interest compounded automatically daily, while experienced users can borrow cash to cover daily expenses or reinvest in more cryptocurrencies.

Instant cryptocurrency credit

Nexo allows customers to open an instant cryptocurrency credit line to borrow cash or stablecoins by leveraging their cryptocurrency holdings as collateral. Users can borrow funds ranging from $50 to $2 million and receive instant approval, with no loan origination fees or monthly repayments, and funds are available within 24 hours. This loan can be partially or fully repaid in over 40 fiat currencies, stablecoins (USDT or USDC), or a combination of cryptocurrencies and fiat currencies.

To open an instant cryptocurrency credit line, all users need to use their cryptocurrency holdings as security for repayment. This allows them to borrow up to an annualized rate of return of up to 13.9%, depending on their loyalty level and the ratio of NEXO tokens to other cryptocurrencies held in their portfolio. If the digital assets used as collateral begin to lose value under market conditions and the loan-to-value ratio improves, Nexo employs an algorithm to help customers maintain their crypto credit lines instantly and manage them effortlessly. This includes margin calls, automatic transfers of collateral to maintain acceptable loan-to-value ratios, and automatic repayments.

NFT lending service desk

Users can also borrow stablecoins, ETH and other digital currencies through its Bored Apes and CryptoPunks NFTs. Like Nexo’s line of credit, this instant liquidity does not require the sale of digital assets. Users can borrow up to 20% of the NFT value and use the loan for consumption or reinvestment. As part of Nexo OTC services, a dedicated account manager will assist customers throughout the process.

Nexo Trading Platform

Over the years, Nexo has also developed their cryptocurrency trading platform . The trading platform supports popular tokens such as BTC and ETH, Layer 1 tokens such as BNB, AVAX, and NFT, and Metaverse tokens such as APE and MANA. Users of the Nexo trading platform can buy cryptocurrencies with a credit or debit card and exchange them directly for more than 300 cryptocurrency trading pairs, including 140 rare trading pairs. The trading platform also offers a streamlined 1.25x to 3.00x leverage option called Nexo Booster, which lets users buy more of their favorite cryptocurrencies by funding trades with crypto-backed loans.

Nexo Credit Card

In April 2022, Nexo officially launched their cryptocurrency credit card. With it, users can spend the value of their cryptocurrencies without actually selling them. It works by automatically borrowing fiat currency for everyday purchases while using cryptocurrency as security for repayment.

The Nexo Credit Card can be used anywhere Mastercard is accepted, and card owners can use their Bitcoin, Ethereum or 40 other cryptocurrencies Currency serves as collateral to back the credit granted. This provides fiat against their cryptocurrency with every purchase. They can also earn rewards on every purchase or ATM withdrawal, which will be paid out in Bitcoin (up to 0.5% return) or NEXO tokens (up to 2% return). Nexo does not require minimum monthly payments and does not charge monthly, annual or inactivity fees.

What is the NEXO token?

In 2018, Nexo issued and distributed the world’s first dividend-paying, asset-backed token with practical Function. Since NEXO evolved from dividends to daily interest, the token has continued to bring practical functionality to Nexo users in the form of higher interest rates, lower lending rates, and free withdrawals from the platform. Specific benefits are determined by a tiered loyalty program. The level of loyalty is determined by the proportion of NEXO tokens in an individual’s investment portfolio. For example, if a Nexo user holds 10% of NEXO in their portfolio, it will correspond to the Platinum level, which offers interest rates up to 17% on most assets and five free cryptocurrency withdrawals per month. As of May 2022, the highest interest rate on the platform is 36% on AXS.

Over the past two years, the company has been buying back its native tokens on the open market as part of an overhaul of NEXO’s token economics. This so-called buyback program is designed to increase the liquidity of the token and thereby reduce price volatility. NEXO token supply is limited, with a hard cap of 525 million.

How to buy NEXO on Binance?

You can buy NEXO tokens (NEXO) on cryptocurrency exchanges like Binance.

1. Log in to your personal Binance account and click [Transaction]. Select Standard or Professional trading mode to start trading.

2. Enter "NEXO" in the search bar to view available trading pairs. Let’s take NEXO/BUSD as an example.

3. Visit the [Spot] area and enter the quantity of NEXO you wish to buy. In this example we will use a market order. Click [Buy NEXO] to confirm your order, and the purchased NEXO will be credited to your spot wallet.

How to start using Nexo?

Creating an account on Nexo is very simple and only takes about 3 minutes to complete. First, click the button in the upper right corner of www.nexo.io.

You will enter the Nexo platform, where you need to enter your email address and password. Once verified, you'll need to fill in your account details and complete a brief identity verification process.

Summary

Nexo’s ecosystem relies on its simplicity Integrated solutions are highly favored. It has launched automated financial products that make it simple and intuitive to obtain loans backed by cryptocurrencies. By holding NEXO tokens, users can further utilize this platform. With the release of Nexo credit cards, more and more users will join the Nexo community.