Summary
The NEXO token is the native token of the NEXO cryptocurrency trading and lending platform, and is compatible with the ERC-20 token and the BEP-2 token. Users with NEXO tokens in their NEXO accounts will receive several incentives, including a higher percentage of returns on their digital assets, free cryptocurrency rewards on credit card purchases, and discounts on borrowing interest rates on credit lines backed by cryptocurrencies.
the introduction
Launched in 2018, Nexo is a cryptocurrency lending platform and one of the leading platforms for providing credit lines services backed by cryptocurrencies. Currently, the Nexo platform has become an integrated system for digital currency financing services and allows users to buy, sell, trade, and borrow by collateralizing their digital currency assets. The Nexo card is the latest version of the platform that it has added to its range of services - and it is the first card supported by digital currencies in the world.
What is the Nexo system?
The Nexo platform provides its services to four million customers around the world, and this number increased dramatically in 2020 in conjunction with the launch of the revenue product. This addition allowed platform users to obtain interest on their digital currency assets. This move attracted a large number of digital currency enthusiasts who may not have wanted to obtain loans, but rather wanted to use their digital currencies with the aim of earning passive income.
The Nexo system provides solutions for everything related to the field of digital currencies. For beginners, the platform allows them to make their first purchase of digital currencies in a few steps and reap profits by automatically receiving interest that is calculated daily against their assets. As for users with experience, it allows them to borrow money to use in their daily expenses or reinvest it in trading digital currencies. .
Instant Cryptocurrency Line of Credit
The Nexo platform allows its customers to open an instant crypto line of credit and borrow cash or stablecoins collateralized by the cryptocurrencies they hold. Users can borrow between $50 and $2 million with instant approval, no loan initiation fees or monthly payments, and funds become available within 24 hours. The loan can be partially or fully repaid in more than 40 supported local currencies, or stablecoins (USDT or USDC), or in both supported cryptocurrencies and local currencies.
In order to open an instant line of credit for cryptocurrencies, the user simply has to use the cryptocurrencies in his possession as collateral for payment. This allows them to borrow amounts with an annual return rate of 13.9%, depending on the loyalty category and the ratio between NEXO tokens and other cryptocurrencies they hold in wallets. If the value of digital assets used as collateral starts to decline in the market and the loan-to-value ratio increases, Nexo uses an algorithm to help customers effortlessly track and manage instant crypto lines of credit. This includes borrowing trade requests, automatic collateral conversion to achieve an appropriate loan-to-value ratio, and automatic debt payments.
Lending program for non-interchangeable tokens
In addition to the above, the platform allows users to borrow stablecoins, ETH tokens, and other digital currencies collateralized by the non-fungible tokens of the Bored Apes pool and the CryptoPunks pool held by the user. Similar to Nexo's cryptocurrency lines of credit, immediate access to 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 debt. Among the services that Nexo provides outside the platform is the assignment of an account manager to each user to assist him in completing the procedures.
Nexo trading platform
Over the years, cryptocurrency trading platform Nexo has developed its services. The platform supports currencies such as Bitcoin and Ethereum, top-tier tokens such as BNB and AVAX, as well as non-tradable tokens and metaverse tokens such as APE and MANA. The Nexo trading platform allows its users to purchase digital currencies using credit cards, debit cards, and swap operations for more than 300 digital currency trading pairs, including 140 rare pairs. The platform also offers leverage with a range of 1.25x to 3.00x. This option is known as Nexo Booster and allows users to purchase a larger number of their favorite cryptocurrencies by funding transactions with a loan backed by the fiat currency.
Nexo card
In April 2022, Nexo officially launched its own cryptocurrency credit card. The card allows users to exploit the value of the digital currencies in their possession without actually selling them. The function of the card is that it allows borrowing approved local currencies for use in daily purchases in exchange for using the digital currencies in the user’s possession as guarantee for payment.
The Nexo Card can be used anywhere Mastercard is accepted. Cardholders can use Bitcoin or Ethereum, in addition to 40 other digital currencies, as collateral for the credit granted to them. This qualifies them to receive certified local currencies in exchange for digital currencies with every purchase. They also have the opportunity to earn rewards for every purchase or ATM withdrawal, and rewards are given in Bitcoin (0.5% of the transaction value) or NEXO tokens (2% of the transaction value). The Nexo platform does not charge a minimum monthly payment and does not collect monthly or annual fees or fees when you do not conduct activities on the platform.
What is NEXO token?
In 2018, Nexo launched and distributed the world's first asset-backed, financial institution-compliant token that generates profits and provides facilities to users. Since the evolution of the NEXO token from a dividend distribution model to distributing interest on a daily basis, benefits have continued to be provided to Nexo platform users in the form of higher interest rates, reduced borrowing fees, and free withdrawals on the platform. Benefits are determined based on a multi-category “loyalty programme”. The categories are classified according to the percentage of NEXO tokens in the user's wallet. For example, if a user holds NEXO tokens at 10% of the total wallet assets, this user is classified as Platinum, which qualifies him to receive interest on the majority of the assets he holds at a rate of up to 17%, in addition to 5 free cryptocurrency withdrawals per month. . As of May 2022, the maximum interest rate on the platform is 36% on AXS tokens.
Over the past two years, as part of the development of the NEXO token promotion mechanism, the company has bought back its original token from the open market. This program, called the “buyback” program, aims to improve the liquidity of the symbol, thus reducing price volatility. There is a limited supply of NEXO tokens available with a maximum capital of 525 million NEXO tokens.
How do I buy NEXO tokens on Binance?
NEXO tokens can be purchased on cryptocurrency exchanges such as Binance.
1. Log in to your Binance account, then click [Trade]. Choose Classic or Advanced trading mode to get started.
2. Type “NEXO” in the search bar to view available trading pairs. We will use the trading pair NEXO/BUSD as an example.
3. Go to the [Instant] box and enter the number of NEXO units you wish to purchase. In this example, we will use a market order. Click [Buy NEXO] to confirm your order, then the amount of NEXO you purchased will be transferred to your instant wallet.
How to start using the Nexo platform?
Creating an account on the Nexo platform is a simple process and takes only 3 minutes. To start the process, click on the button in the upper right corner of this link www.nexo.io.
This link will take you to the Nexo platform, and you will be asked to enter your email address and password. After verifying the data, you need to fill in your account details and complete identity verification, which does not take long.
Concluding thoughts
The Nexo system has gained wide popularity thanks to its reliance on an integrated system that provides a solution that is simple to use. The platform provides a profit-generating product that does not require user intervention, and obtaining a loan backed by digital currencies is very simple. The platform also offers users who own NEXO tokens more benefits, and with the issuance of the Nexo Card, more people will rush to join the Nexo community.