Nexo, the next milestone for the crypto-revolution

If cryptocurrency is an entire economy on its own, where are the lenders? If BTC is so valuable a commodity, why can't one use it as collateral for funds to satisfy urgent needs?

Since the inception of cryptocurrency in 2009, there has been so many innovations being built around it making the 'cryptonomy'(crypto-economy) grow exponentially. Just last week, BTC alone had its market-cap surpass $ 200 Billion. The total market cap for the cryptos combined is amlost $400 Billion and this only shows the growing acceptance for this innovation.

_{Snap of Cryptocurrency Market Capitalizations taken from coinmarketcap}

Despite this growing acceptance for cryptos as a store of value, there is no known organised system where cryptos could be leveraged for fiat currency in order to take care of pressing needs .

Let me put this into perspective;

Imagine you were given a golden wristband by your late grandma, before she passed on she told you it was her way to stay in your memory. Such a priceless value right?

Then comes a day that you need to settle your final year school fees and had no one to turn to. This is the future you have been building for years yet the only piece of property you could liquidate for this is the golden wristband. But you can't bring yourself to sell it.
You know you will get money in the next few weeks but the deadline for your school fees is about a week away. This presents a dilemma and you are left confused as to the next step to take.

Now imagine there was an organisation that you could walk into, where they will value your wristband and allow you to leave it with them as a leverage against which they will help you settle your school fees in time with the arrangement that when you get the money later, you settle them and take your priceless golden wristband.
Wouldn't that solve the dilemma for good?
You get to keep your wristband and still meet the deadline for your school fees, everyone wins!

This is exactly what Nexo is here to do except in a more profitable and swifter fashion.

What is Nexo?

Nexo is the first company in the world to provide instant crypto overdrafts for owners of crypto assets.

What does this mean?
Cryptocurrency investment is often based on upside and downside trends. There is usually no problem selling your assets when you know you are in the profit zone but it becomes an issue when the coin is on the downside and yet you need cash to settle vital needs. The traditional banks won't give you a loan based on the value of cryptos you have somewhere in your wallet.
Most often than not, you are forced to sell it against your wishes and then the next few days the price is back up and you are feeling depressed.

The management of Nexo is telling you that this should be in the past. They are telling you to simply bring your assets to their safe, get cash to resolve your issues and when you settle them later you get to keep your assets together with all the profits it might have accrued during that time period.

Nexo is a financial innovation powered by a financial company of over 10 years of working experience in loan processing and disbursement. It is a European based company with strict supervision by multiple European Banking and Financial Services Regulators.

What do they have to say about themselves?

This was taken directly from their website;

Credissimo is a leading European FinTech
Group founded in 2007
Credissimo utilizes innovative proprietary technology to provide:
— Instant Online Consumer Loans
— E-commerce Financing
— Bill Payment Services
Credissimo is a market leader in the Online Consumer Lending segment in several European countries
Our competitive advantage is encoded in our business know-how that we have developed in more than 10 years of experience - efficient business model, cutting-edge technology solutions and visionary management are the key drivers of our longstanding success

But you don't have to take their words for it, check this brief profile;

Credissimo is the only Bulgarian company nominated by the organizers for the prestigious European FinTech Awards 2017. The nomination is in the “Alternative Finance” category and the company competes for the “European Innovation of 2017” award as well. The contest was open for voting by the wide audience. The public voting in the “Alternative Finance” category, ranked Credissimo 9th among 80 applications from Netherlands, Germany, Latvia, England and others.
_Investsofia

---

_{European FinTech Awards is one of the most prestigious competitions for companies in the financial and technological sector in Europe and gathers over 500 entrepreneurs, bankers, investors and consultants.}

Between June and July 2017, Cridissimo won more than 4 prestigious awards including a first place award for the seventh edition of “Greenest Companies in Bulgaria 2017"in the category “Financial, banking, accounting and legal services”, as well as the special prize in the competition – “Paperless office”.

Nexo is here to serve cryptocurrency investors, miners, hedge raisers, exchange platforms, gamers and virtual reality users as well as any person who can satisfy their flexible business terms.

How does one use Nexo service?

This is done in 4 simple and straight forward steps;

1. Deposit your asset into Nexo overdraft wallet
2. The overdraft funds are immediately available via bank transfer or the Nexo Credit Card.
   
3. Repay through their flexible repayment system
4. Claim your assets together with any profits it might have accrued

Use case:
Kojo is new to this crytocurrency world but has been advised by his friend who had been trading cryptocoins for the pass 6 years. Kojo understands that when he buys at a deep, he has to wait to sell when it the price rises above the price at which he bought it.

Two days after he bought the BTC with all his savings the coin reduced further in prices and if he was to sell he would lose so much money.
Unfortunately, Kojo's mom is ill and has to be taken to the hospital and Kojo has to fund the hospital bills.

Nexo comes in!

Kojo can send his BTC to Nexo overdraft wallet and get the funding for his mom's hospital bills through bank transfer or the Credit card.
Kojo then have enough time to raise the money to repay Nexo and claim his assets. This eliminates the bottle necks of checks and so many fees. Kojo does not lose his money through the investments and he can now wait till when he is ready to sell his assets.

The core of this innovation is built on Nexo Oracle technology which has automated the overdraft and repayment system making it more robust. The technology is built on smart contracts and managed by one of the best teams in the financial space who have several years of practical experience in the field.

Managing Partners

For a quick introduction, check out this video:

Nexo is more active on their Twitter page and on Telegram you can get closer to keep tabs on the development of this wonderful innovation.

This my entry into a contest from @originalworks sponsored by Nexo
You can also make your entry by visiting the contest article

nexo2018