Carefully! Lots of text.
NEXO Token (NEXO) is the native token of the cryptocurrency exchange and lending platform Nexo, compatible with both ERC-20 and BEP-2. NEXO owners receive a variety of bonuses on the Nexo platform, including higher returns on their digital assets, free crypto rewards on card purchases, and discounts on crypto credit lines.
Introduction
Crypto lending platform Nexo began operations in 2018 and is considered a pioneer in the field of crypto credit lines. Today, the Nexo platform is an entire crypto-finance ecosystem that allows you to buy, sell, trade and take out loans secured by cryptocurrencies. In addition, the platform offers the Nexo Card, the world's first cryptocurrency-backed card.
What is the Nexo ecosystem
Nexo's customer base grew dramatically in 2020 following the launch of its Earn product and now stands at over four million customers worldwide. The introduction of this product allowed platform users to earn interest on their crypto assets. This innovation attracted many new crypto enthusiasts who may not have been looking for loans, but wanted to use their cryptocurrency to earn passive income.
The Nexo ecosystem is a one-stop solution for cryptocurrency needs. Beginner traders can easily buy their first cryptocurrency and start earning daily interest automatically. Experienced traders, in turn, can borrow cash to spend on everyday expenses or reinvest in other cryptocurrencies.
Instant Cryptocurrency Credit Line
Nexo allows customers to open instant crypto lines of credit and borrow fiat or stablecoins using crypto assets as collateral. Users can borrow from $50 million to $24 million with instant approval, no regional fees or monthly fees, and access funds within 24 hours. The loan can be partially or fully repaid in over 40 fiat currencies, stablecoins (USDT or USDC), or a combination of cryptocurrencies and fiat.
To open an instant crypto credit line, users only need to use their crypto assets as collateral for repayment of the loan. This will allow you to take out a loan at a maximum rate of 13.9% per annum, depending on the level of loyalty and the ratio between NEXO tokens and other cryptocurrency assets in the portfolio. If, under certain market conditions, the digital assets serving as collateral begin to lose value and the loan-to-value ratio increases, Nexo will activate an algorithm to help customers manage instant crypto credit lines. This algorithm uses margin requirements, automatic collateral transfer to maintain the required loan-to-value ratio, and automatic repayment.
NFT-backed loans
Users can also borrow stablecoins, ETH and other digital currencies against their Bored Apes and CryptoPunks NFTs. As with Nexo lines of credit, 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 them. As part of Nexo's over-the-counter services, users receive a personal account manager who helps them every step of the way.
Exchange Nexo
Over the years, Nexo has also developed its own cryptocurrency exchange that supports popular coins such as BTC and ETH, layer 1 tokens such as BNB, AVAX and NFT, as well as metaverse tokens such as APE and MANA. Nexo exchange users can buy cryptocurrencies using credit/debit cards and swap between more than 300 cryptocurrency pairs, including 140 rare ones. The exchange also offers a simplified leverage option from 1.25x to 3x called Nexo Booster, which allows you to buy more cryptocurrencies by funding trades with cryptoloans.
Nexo Card
In April 2022, Nexo officially launched its cryptocurrency credit card. With it, users can benefit from the value of their cryptocurrency without having to sell it. The card automatically borrows fiat funds for everyday spending, with cryptocurrency collateral as a guarantee of repayment.
The Nexo Card can be used anywhere Mastercard is accepted. You can use Bitcoin, Ethereum or 40 other cryptocurrencies as collateral for a loan. Thus, with every purchase, cardholders receive fiat for their cryptocurrency. In addition, cardholders can earn rewards for every purchase or ATM withdrawal, which will be paid in Bitcoin (up to 0.5% cashback) or NEXO tokens (up to 2% cashback). Nexo does not require minimum monthly payments and does not charge monthly, annual or inactivity fees.
What is NEXO token
In 2018, the Nexo platform issued and distributed the world's first compliant, dividend-paying, asset-backed utility token. Since the transition from dividends to daily interest on NEXO, the token continues to provide Nexo users with various benefits, including high interest rates, reduced borrowing rates, and free withdrawals on its platform. Specific benefits vary by loyalty program tiers. The levels depend on the share of NEXO tokens in the portfolio. For example, if a Nexo user's portfolio consists of 10% NEXO tokens, they will be classified as Platinum and will be eligible for interest rates on most assets of up to 17%, as well as five free cryptocurrency withdrawals per month. As of May 2022, the maximum interest rate on the platform is 36% for AXS.
Over the past two years, the company has been repurchasing its native tokens from the open market as part of the modernization of NEXO tokenomics. This buyback program aims to increase the liquidity of the token and reduce price volatility. NEXO supply is limited to 525 million tokens.
How to Buy NEXO on Binance
The NEXO token can be purchased on cryptocurrency exchanges such as Binance.
1. Log in to your Binance account, click “Trading” and select the classic or advanced interface.
2. Enter "NEXO" in the search bar to see a list of available trading pairs. We will use NEXO/BUSD as an example.
3. 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 and the purchased coins will be transferred to your spot wallet.
How to get started with Nexo
Creating an account on Nexo takes about 3 minutes. First, you need to go to the website www.nexo.io and click on the button in the upper right corner.
You will be redirected to the Nexo platform where you can enter your email address and password. After verification, you need to fill out your account details and go through a quick KYC verification.
Summary
The popularity of the Nexo ecosystem is due to its simplicity and versatility. The platform offers automatic products for earning money, as well as obtaining a loan secured by cryptocurrency. NEXO token holders can enjoy more bonuses on the platform, and with the release of the Nexo Card, the Nexo community will continue to expand.