Introducing Nexo — The world’s first crypto backed credit line
If we look closely, the whole point of cryptocurrencies is to bypass the banks using a decentralized governance system. The banks are bad, we all know it! But they have developed a suite of different financial products to facilitate their customers. Banks are expert in lending, account management, credit, debit, and all other things which makes them very necessary for an average individual to live their everyday life. If we talk about the crypto ecosystem, we seriously lack these financial products and part of the reason is that without a presence of a central authority, it becomes difficult to launch and oversee different products which involve a higher levels of human involvement.
The only way to make a profit through your crypto assets is to either hold and sell them at higher price, or perform active day trading where you look at small spreads and margins to buy low and sell high. These are the only two avenues for the crypto investors to actually have some returns for their crypto assets. Companies have jumped in to make this process more simpler and automated through different products like automated bot trading, social trading, automatic portfolio rebalancing, and much more.
However, the fundamental problem remains the same — your crypto assets cannot work for you. There is no ‘savings’ account for crypto where you can save your crypto assets and earn a healthy interest on top of that. There are some crypto-backed mutual funds like Ember Fund, but they are prone to market risks and can’t guarantee a 100% profit. Savings account on the other hand gives you a 100% security of your money, and promises a healthy interest rate which can be a source of passive income.
The second biggest problem is the lending and borrowing — you simply can’t use your crypto assets as collateral with a bank to borrow money. Traditional institutions can’t lend based on your crypto collateral. In order to get a loan, you would have to show your bank statements, account management record, and a credit score. All of these things are totally disconnected from the crypto world, which means that even if I’m holding considerable amounts of crypto in my portfolio, the banks or traditional financial institutions can’t understand them!
NEXO — Let your crypto work for you
Nexo is the world’s first crypto backed credit line which works on the promise of ‘Let your crypto work for you!’. With Nexo, you can do the following two things:
- Credit line — Have an instant crypto backed credit line where you can spend money through your Nexo card or withdraw the money directly into your bank account.
- Earn 8% interest — Save your crypto assets into a secure Nexo account and earn a healthy interest of 8% on your crypto assets with a daily payout of the compounding interest.
How the nexo instant crypto credit line works
Getting the credit line from Nexo is super easy and only involves the following three simple steps:
- Deposit the crypto assets into a secure Nexo account.
- As soon as you deposit, a credit line becomes instantly available.
- Spend money instantly by card or make a bank withdrawal.
There is no interest or repayment fees in Nexo credit line. You are only charged an 8% interest on your money which is debited from your available limit. Nexo has partnered with BitGo to secure all crypto assets. BitGo is insured by Lloyd’s which is further backed by Goldman Sachs and is CCSS Level 3 and SOC 2 compliant.
As of mid September 2019, a single NEXO is traded for $0.098440 USD and has surpassed a total market cap of $55 Million USD and a daily 24h active trading volume of just over $10.8 Million USD which makes it the 82nd largest cryptocurrency in the world.
30% of the profits from the NEXO company is divided among the token holders and it is estimated that NEXO has paid dividends of more than $2.4 Million USD so far to its token holders. Based on all the information presented above, we highly recommend NEXO to any investor who is looking to expand his investment portfolio.