Nexo Exchange is live - Get Cryptobacked loans a world first

While many of the worlds traditional financial institutions are still on the fence about crypto it hasn't stopped startups from jumping in and taking the risk on this new technology. Being an early adopter may have huge upside potential but its equally risky especially when it comes to merging blockchain with traditional financial instruments.

One such startup that has taken the plunge is Nexo which is an open exchange that allows users to withdraw fiat loans that are backed by their crypto assets for instant access to funds. After reading that you're probably wondering how a startup that just completed an ICO would be able to tackle such a high-risk ambitious project, I thought so too.

But in digging deeper I discovered that Nexo is not just your average blockchain startup. The team behind Switzerland-based Nexo runs a consumer lending operation called Credissimo that has made more than a million loans to consumers of up to $2,000 in Europe.

The group recently raised $50 million for Nexo, its crypto-lending venture. All money raised will be used as loans that will be supplied to hodlers (those who intend to hold digital currency long-term) who use the exchange.

About NEXO

Nexo has been developed by Nexo’s team and advisory board, including TechCrunch Founder Michael Arrington and Polymath’s CEO Trevor Koverko, all seasoned professionals with expansive expertise in building companies, credit facilitation and automation of processes.

Delivering a live product is not seen too often in the blockchain space, but launching it prior to listing on exchanges is literally unheard of. The Nexo platform combines seamless user experience and compliance to the strictest global KYC/AML standards, provided by market-leader OnFido . The security of clients’ funds is guaranteed by the world renowned custodian services of BitGo.

Furthermore, Nexo has conducted an immensely successful pre-sale with the private presale demand exceeding x11 the allocation, hitting the hardcap of $52.5 million in less than two weeks, which resulted in a cancellation of the planned Public Token Sale. Simultaneously, the requests for crypto-backed loans exceed $1 billion.

NEXO Dividend Tokens are the world’s first compliant tokens that pay out 30% dividends of the company’s net profits and are asset-backed. On May 10th, the NEXO Dividend Tokens will start listing on official exchanges. Wall Street has been preparing its entry into crypto via selected investments in compliant dividend and asset-backed tokens, issued by companies with track-records, solid business cases and live products.

An introduction to Nexo

How does Nexo work?

At the moment Nexo accepts both Bitcoin & ETH for secured loans. Once you have sent your BTC or ETH to Nexo you can then secure a loan with them. Your Loan limit will be based on the market value of the crypto assets in your Nexo Wallet. Additional credit is automatically and instantly available on the card upon appreciation of your crypto's value so you don't lose out on your upside.

When spending the credit line at any time you will only have to pay 16% APR on what you have used and not the full amount of credit provided to you. You will also be able to make repayments at any time. There is no minimum repayment value and you can repay your loan in either BTC, ETH or Nexo tokens, If you repay your loan using Nexo you will receive additional discounts on your interest rate.

Check out Nexo here

Benefits of the Nexo token

NEXO Tokens are a safe haven as they provide passive income in the form of 30% from the company’s profits, distributed monthly to NEXO Token Holders.

NEXO Tokens offer additional utility features such as discounted interest rates on the Nexo Instant Crypto-backed Loans and are also accepted as collateral on the Nexo Platform

Nexo Milestones

Since the launch of its highly successful ICO Nexo has hit a few milestones along the way, namely:

• The Nexo platform is LIVE, now accepting BTC and ETH as collateral for instant crypto-backed loans
  11x oversubscribed Private Pre-Sale for the compliant NEXO Dividend Token that provides asset-backed passive income
• $1+ billion in loan requests already
• Wall Street and institutional investors are moving into compliant dividend and asset-backed tokens
• NEXO Dividend Tokens will be listed on exchanges May 10th
• Nexo has gathered a community of 53,000+ supporters.

Where to buy Nexo

If you're looking to invest in Nexo and want to get your hands on some of their tokens you can do so with the following exchanges:

• DDEX
• EtherDelta (ForkDelta)
• IDEX

At the time of writing this Nexo is trading at $0.32 according to Coinmarketcap

For more information

• Website
• Trading Exchage Platform
• Telegram
• White Paper

Sources:

• American Banker
• Medium