Nexo - how to leverage your own assets and simplify your life

mjo (46)in #cryptocurrency • 6 years ago

The fridge incident

You've spent seemingly endless hours analyzing the cryptocurrency markets, reading whitepapers, and checking forums and GitHub repositories to find the best investments. Over time, you've accrued a respectably sized portfolio and are excited for where things are headed. You decide to take a break and grab a snack, but when you open the fridge your'e greeted by an... unpleasant odor. After a short and nauseating investigation, you've determined that your fridge is completely shot. The timing is awful, you've got all of your fiat budgeted for the rest of the month and you really don't want to lose any of your crypto positioning. You were hoping to do a full kitchen remodel in the near future anyway but you didn't want to take out a loan with a bank and have to pay high interest rates and go through a hassle to get approved, so you were just starting to budget some money to save for the project little by little.

Luckily for you, there's a new cryptocurrency in town called Nexo. Nexo allows users to leverage their cryptocurrencies to secure a fiat loan in what they call an "overdraft wallet." All you have to do is go to their website or app, plug in the amount you are needing, and it will tell you the quantity of cryptocurrency you need to transfer. Because this process only requires that you transfer your cryptocurrency to an "overdraft wallet," you can get the money you need without ever actually selling any of your assets which means your tokens can continue to increase in value while they're being used as leverage for your loan. In addition, not having to actually sell your crypto means that you don't have to pay expensive taxes on crypto gains, as the tokens are technically just being held and not sold for a profit.

The best part is, using Nexo is so quick and easy that you could have money available to you the same day. Forget about waiting for credit checks and paying extra origination fees associated with traditional loans! When it comes time to pay back the money you received from Nexo, you have some flexibility on how to pay it back as well. Here's what their official whitepaper says about payment methods.

"Clients can repay their flexible overdrafts in multiple ways – via bank transfer, fiat or cryptocurrency. Special discounts on the interest rates are granted to those choosing to make payments with NEXO tokens" (Nexo Whitepaper)

You also don't have to worry about pesky monthly payments through Nexo, the only commitment is to pay the money back by the end of your overdraft period. When you've paid back in full, you can then collect your crypto back from the overdraft wallet. They are also working on the ability to get a credit card through Nexo, which is scheduled for July of 2018. This will make using the platform even easier and more flexible!

So, what are you waiting for? Go get yourself the cash you need to give your whole kitchen an overhaul complete with a working refrigerator. Not just any fridge, but one of those fancy stainless steel ones you love. Go ahead and get nice granite countertops and hardwood floors too! Your biggest hassle is going to be deciding on the style of your kitchen, not on how to finance it best. If your crypto happens to grow a bunch during this project, don't be afraid to check out ideas for a basement bar as well, you know you want one!