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What is Nexo (NEXO)?

Powered by Credissimo – a leading European FinTech group, Nexo is a blockchain company whose users can make instant cryptocurrency loans, giving cryptocurrency holders a possibility to use their holdings as collateral, then withdraw cash in 40+ fiat currencies.

This gives the cryptocurrency holder instant access to money while keeping ownership of their assets. The interest rate and the terms of the loan remain the same at all times. After a user deposits their digital asset into a Nexo portfolio, it gets approved immediately.

The platform uses the Nexo Oracle technology to monitor and regulate all aspects of the platform, such as loan distribution, analytics, wallet maintenance, asset monitoring, etc.

See more in their whitepaper. And check out their token terms.

Partnerships and Beta Products Since ICO End

Since its ICO end, Nexo has made some important partnerships, including with:

As for their products, Nexo has a fully functional lending platform with military-grade security powered by 256-bit encryption, launched in April 2018.

Token Sale Results, Info, News

The token sale took place in early 2018, raising a total of $52.5 million USD. The NEXO token has both security and utility features, it is ERC20-compliant and embedded in the Ethereum blockchain as a smart contract.

During the sale, its price was $0.10 USD. At the moment (December 17, 2018), they are valued at $0.071732 USD.

The NEXO token is currently traded on exchanges like:

  • HitBTC;
  • Coinbit;
  • Hotbit;
  • YoBit;
  • Allbit;
  • Hotbit;
  • EtherDelta;
  • IDEX;
  • DDEX;
  • Metcatox;
  • Bitbns;
  • Bancor Network.

The market cap at this moment is around $40,169,913 USD, with the ATH reached in May 2018 with the price of $2.20 USD per token.

Community Around Nexo:

  • Telegram: 45,920 members;
  • Twitter: 39K followers;
  • Reddit: 1.5K Nexonians.

Nexo regularly communicates its updates on the Medium blog and social media channels. In recent news, we could see pieces like:

Competitors

Nexo faces competition from other large crypto lending platforms, including:

  • SALT Lending: A platform that provides blockchain-based loans using crypto assets as collateral. Just like Nexo, SALT also makes it easy for everyone to get cash without having to sell their crypto investment. It makes use of the assets that you don’t need at the moment or you don’t plan on selling in the near future.
  • ETHLend: A decentralized lending app providing zero-fee P2P lending through the use of smart contracts, operating on the Ethereum blockchain (hence the “ETH” in its name). It allows both the borrower and the lender to decide upon the key loan details by themselves, without a third-party intervention. It does not differ that much from Nexo and SALT in terms of operation (although there are slight differences) and is one of the largest crypto lending platforms out there.

Team

The team behind Nexo includes knowledgeable individuals with over 10 years of experience, such as Kosta Kantchev, Georgi Shulev, Antoni Trenchev, Vasil Petrov, and many, many more.

For more information about the team and the advisory board, visit: https://nexo.io/company

Verdict

Considering all that we have seen, Nexo is a strong platform powered by good technology and a knowledgeable team that includes seasoned professionals. The competition in this particular field is fierce, that cannot be argued.

However, it seems that Nexo has everything needed to succeed in such a highly competitive environment. The company already has a working platform and has been issuing instant crypto-backed loans for quite some time now. The team is very active on social media, as well as token review websites, ready to clear any doubts, answer all the questions, and that is truly remarkable.

As the world is gearing more toward the crypto sphere, Nexo is one of the platforms that we really need. They should keep up with the good work and nothing will stop them from reaching (even more) success in the future.

Contacts

By Sead Fadilpasic

Rating

8.4

PLAN

9.0/10

TEAM

8.0/10

MARKETING

9.0/10

MARKET GROWTH

9.0/10

COMPETITORS

7.0/10

Pros

  • A functional platform already issuing loans
  • Good team
  • Highly active in the social media sphere
  • Has been around for a while
  • Featured in Forbes and Coindesk articles

Cons

  • There are other strong players in the field of crypto lending