Nexo is a platform that aims to deliver the world’s first instant cryptocurrency-backed loans. The decision to enter the market is related to the fact that there were no alternatives for cryptocurrency owners to enjoy their wealth without having to sell their coins.
Users will always have 100% ownership on their assets and have immediate access to cash in case it is requested. There are no hidden fees and the process can be completed in just a few simple steps.
The company has been providing the market instant loans for millions of individuals in Europe. Cryptocurrencies are the next step in this market and Nexo would like to keep being an important player in the market. The main purpose is to offer the ‘World’s First Instant Crypto-backed Loans.’
How Does Nexo Work?
The platform works in a very simple way. It is possible to place cryptocurrencies in an overdraft wallet that allows users to gain access to funds without having to sell their assets. This is very helpful because it will let users avoid paying capital gains tax, exchange fees or register bigger gains.
If the value of cryptocurrencies in the overdraft wallet increases then, additional credit is automatically available. The repayments can be made using fiat currencies or NEXO tokens (which give users a discount on the interest).
Nexo is powered by Credissimo, an important and publicly listed European Fin-Tech company founded in 2007. That gives legitimacy to the project because the company has experience in highly regulated market and products and services already available for users.
At the same time, Nexo has an award-winning team whose work has been audited by Deloitte. Additionally, it has recognized advisors such as the founders of TechCrunch and Polymath.
There are several benefits of using NEXO Tokens. For example, it is the World’s First US SEC-compliant Asset-backed token and it is backed by underlying assets related to Nexo’s loan portfolio.
In addition to it, NEXO Tokens are a safe haven that provide passive income to users. 30% of the company’s profits will be distributed every single month to NEXO Token Holders. Furthermore, NEXO Tokens have utility features such as discounted interest rates on Nexo Instant Crypto-backed Loans and they are also accepted as collateral on the Nexo Platform.
Michael Arrington, Founder of TechCrunch and Arrington XRP Capital, commented on the matter:
“Nexo’s instant crypto-backed credit line is a much needed service for investors and crypto-denominated funds like ours. It provides leveraging opportunities for us and access to fiat, without selling our holdings.”
The team has experience in the financial world, banking industry and technological field. Moreover, one of the Co-founders of Credissimo is involved in Nexo.
Kosta Kantchev, is one of the co-founders of Credissimo and has been part of the team that built the 10-year-old company. He now wants to develop one of the first systems to allow loan repayments in cryptocurrencies worldwide.
Georgi Shulev is Managing Partner at Nexo. He has a banking background and experience in the Financial world. He has been working at Unicredit Bank Austria, Lehman brothers, and the European Investment Bank.
Antoni Trenchev is also a Managing Partner. He has been involved in the cryptocurrency world since 2011. As a Member of Parliament and a believer in decentralization, he has been working passing legislation for blockchain solutions on different e-government services such as e-voting.
Other important team members are Vasil Petrov, Kalin Metodiev, Kamen Trendafilov, Savina Cherneva, Bilyana Christova, Plamen Todorov, Teodora Atanasova, JoroYordanov, Boris Delev, Ivan Kostov, Yassen Damyanov, and Mario Krastev.
Nexo is offering an interesting service and product that is needed in the cryptocurrency market. The company behind Nexo has a very strong background, giving legitimacy to the project. Besides that, Nexo has an experienced team behind that has proven to be a very successful group.
The NEXO Token seems to have different use cases and offer an interesting revenue to those that hold assets every single month.