Reviewing Nexo-The first Crypto-Backed loans.

Hello guys, I trust our day has been great. It is a great privilege to review the financial dapp. Thanks to Oracle D for this opportunity. I will be reviewing Nexo a finance dapp.

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What is Nexo?
Nexo has been known to be the most advanced and trusted blockchain which allows user to make loan easily using crypto. With Nexo you can use various type of assets as collateral when making loans therefore allowing crypto users to access to their funds without demanding the liquidation of their assets. For over ten years, Nexo has been used to provide loans to Millions of People across Europe.

This blockchain technology was created by Credissimo- an European FinTech Company.

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Nexo allows users to deposit crypto assets into a Nexo wallet and receive loans in form of any desired currency.

Nexo works with more than 20 cryptocurrencies such as Bitcoin, ETH and so on. Payments can be done inform of BTC, ETH, and so on.*

NEXO TOKEN
The Nexo Token is an ERC-20 token which adheres to the U.S exchange commission and it is marketed as “SEC-Compliant.” The token was launched in May. The Price of one token rose significantly immensely it was launched then around July the price came down drastically. The Nexo tokens can be stored in the Nexo wallet or Ethereum wallet .

The current prize of Nexo token is $0.049526 USD. The total number of Nexo token in circulation presently are 560,000,010.

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Nexo tokens can be exchanged with the following tokens along with the tokens used to exchange:

• HitBTC: NEXO/BTC, NEXO/ETH, NEXO/USDT;
• IDEX: NEXO/ETH;
• DDEX:NEXO/ETH;

HOW TO GET YOUR NEXO LOAN WITH SIMPLE STEPS

Step 1: Create a Nexo Account

Input this address https://platform.nexo.io/new on your browser.
Input your email and password then click verify. Once you have verified which doesn’t take up to a minute and it doesn’t require any uploading of any form of documents. Verification guarantees the protection of your account from an unauthorized access.

Step 2: Deposit your Crypto Assets into your Nexo Account
The deposit can be made using Nexo Tokens, BNB, BTC, ETH. Once you are ready to make a deposit, click deposit and input the precise amount. Guess what!! You can increase the limit at which you loan by depositing more crypto into your Nexo wallet. The lowest amount of loan that can be obtained is $500 and the highest amount of loan that can be obtained is $2,000,000. BTC deposits require six network confirmations for it to show that it has been deposited successfully in your wallet while ETH and ERC20 require 50 network confirmation to confirm it has been fully deposited in your wallet.
Immediately the deposit has been made successfully, then you are allowed to withdraw a loan. To withdraw the loan, you don’t need any document to confirm or an approval.
If Nexo Tokens are used as collateral, you are entitled to receive a 50% interest rate discount and also dividends on your Nexo Token which you are allowed to deposit in your wallet.

Step 3: Withdraw your Loan into Your bank account
After the deposit had been made, click on “Withdraw Loan” and input the method of withdrawal and the type of currency with your bank details.
Payments will be made within one business day. If you are withdraws using USD, it will take at least 2 – 5 days.
Withdrawal can also be used using the Nexo Credit card.

NEXO CREDIT CARD

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The Nexo credit card has been known to be one of the most used Crypto credit cards. It allows easy access to your Nexo wallet. The Credit card allows you to keep all your financial records and dealings secured without the need of withdrawing FIAT to your account.

In conclusion, Nexo is a one of the widely known blockchain with amazing opportunity to offer like providing crypto-backed loans which allows investors to liquidate their Cryptocurrency without needing to sell them. The loans obtained using flexible, cost efficient without any attached fee. I will employ my fellow Steemians to make use of this blockchain technology with amazing benefits.

Rating: 4/5

For more information about the NEXO blockchain technology check out this link -https://nexo.io