Résumé

The NEXO token (NEXO) is the native token of the Nexo cryptocurrency exchange and lending platform, compatible with ERC-20 and BEP-2. Users holding NEXO in their account on the Nexo platform enjoy numerous benefits, including higher returns on their digital assets, free cryptocurrency rewards on card purchases, and discounts on borrowing rates on lines credit guaranteed by cryptocurrencies.

Introduction

Nexo launched in 2018 as a crypto lending platform and is considered the pioneer of crypto credit lines. Today, the Nexo platform is a complete crypto finance ecosystem where users can buy, sell, trade and borrow against their cryptocurrencies. The latest addition to the suite is the Nexo Card, the world’s first cryptocurrency-backed card.

What is the Nexo ecosystem?

Nexo has more than four million customers worldwide, with numbers increasing sharply in 2020 with the release of its Earn product. This addition allowed users of the platform to receive interest on their crypto assets. This move attracted many new crypto enthusiasts who were not necessarily looking for loans, but wanted to use their crypto to generate passive income.

The Nexo ecosystem is a complete solution for everything crypto. Beginner users can buy their first crypto in just a few clicks and start earning daily compound interest automatically, while experienced users can borrow money and use it for everyday spending or to reinvest in more crypto.

Instant crypto credit line

Nexo allows customers to open a cryptocurrency credit line instantly and borrow cash or stablecoins using their cryptocurrency positions as collateral. Users can borrow from $50 million to $2 million with instant approval, no application fees, and no monthly repayments, while funds are released and made available within 24 hours. It can be partially or fully redeemed in over 40 fiat currencies, stablecoins (USDT or USDC), or a combination of crypto and fiat currencies.

To open an instant crypto credit line, all users need to do is use their cryptocurrency holdings as repayment collateral. This will allow them to borrow at a maximum APR of 13.9%, depending on their loyalty level and the ratio of NEXO tokens to other cryptocurrency positions in their wallets. If the digital assets serving as collateral begin to depreciate in market conditions and the loan-to-value ratio increases, Nexo uses an algorithm to help its customers stay on top of their instant cryptocurrency credit lines and manage them without risk. effort. These include margin calls, automatic transfer of collateral to maintain an acceptable loan-to-value ratio and automatic repayments.

NFT loan

Users can also borrow stablecoins, ETH, and other digital currencies against their Bored Apes and CryptoPunks NFTs. As with Nexo's credit lines, this instant liquidity does not require the sale of digital assets. Users can borrow up to 20% of the value of their NFTs and spend or reinvest the funds. As part of Nexo's OTC services, users have a dedicated account manager to help them through the process.

The Nexo exchange

Over the years, Nexo has also developed its cryptocurrency exchange. It hosts popular coins like BTC and ETH, layer 1 tokens like BNB, AVAX and NFT, and metaverse tokens like APE and MANA. Nexo Exchange users can purchase cryptocurrencies with credit or debit cards and directly trade over 300 crypto pairs, including 140 rare ones. The exchange also has a simplified leverage option ranging from 1.25x to 3.00x. This is Nexo Booster, which allows users to buy more of their favorite cryptocurrencies by financing the transaction with a secured cryptocurrency loan.

The Nexo card

In April 2022, Nexo officially launched its cryptocurrency credit card. It allows users to spend the value of their crypto without actually selling it. It works by automatically borrowing fiat for everyday purchases while using cryptocurrency as collateral for repayment.

The Nexo card can be used anywhere Mastercard is accepted. Card owners can use their Bitcoin, Ethereum or 40 other cryptocurrencies as collateral to back the credit granted. This gives them access to fiat against their cryptocurrency with every purchase. They can also earn rewards for every purchase or ATM withdrawal, which will be paid out in bitcoins (up to 0.5% cashback) or NEXO tokens (up to 2% cashback). Nexo does not require a minimum monthly repayment and does not charge monthly, annual or inactivity fees.

What is the NEXO token?

In 2018, Nexo issued and distributed the first compliant, dividend-paying, asset-backed utility token. Since the evolution from dividends to daily interest on NEXO, the token has continued to provide utility to Nexo users in the form of higher interest rates, lower borrowing rates, and free withdrawals on their platform. Exact benefits are determined by a tier-based loyalty program. The levels depend on the percentage of NEXO tokens in each wallet. For example, if a Nexo user's wallet contains 10% NEXO, they will be a Platinum member, allowing them to benefit from interest rates on most assets of up to 17% and five free cryptocurrency withdrawals. per month. As of May 2022, the maximum interest rate on the platform is 36% on AXS.

Over the past two years, as part of the overhaul of the NEXO token business model, the company has repurchased its native token on the open market. This buyback program aims to increase the liquidity of the token, thereby reducing price volatility. There is a limited supply of NEXO tokens with a maximum of 525 million NEXO tokens.

How to buy NEXO on Binance?

The NEXO token (NEXO) can be purchased on cryptocurrency exchanges like Binance.

1. Log in to your Binance account and navigate to [Trader]. Choose classic or advanced trading view.

2. Next, type “NEXO” in the search bar to see a list of available trading pairs. We will use NEXO/BUSD as an example.

3. Next, go to the [Spot] tab and enter the amount of NEXO you want to purchase. In this example, we will use a Market order. Click [Buy NEXO] to confirm the order. Your NEXO will be credited to your Spot wallet.

How to get started on NEXO?

Creating an account on Nexo is easy and takes about 3 minutes. To get started, click the button in the upper right corner on www.nexo.io.

This will take you to the Nexo platform, where you will need to enter your email address and password. After verification, you need to fill in your account details and go through a quick KYC.

To conclude

The Nexo ecosystem has gained popularity thanks to the simplicity of its all-in-one solution. Their income generation product is automatic and the crypto-backed loan is intuitive. By holding NEXO tokens, users can get more from their platform, and with the release of the Nexo card, it is clear that more and more people will join the Nexo community.