The introduction of cryptocurrency to the world made transactions more easy, instant, and secure. Under continuous evolution, users demand instant crypto loans and fast & easy access to cash upturn. Nexo, an all-in-one crypto platform, enforces individual demand, offering instant cash and effortless access to cash.
What is Nexo (NEXO)?
Nexo is a platform offering instant crypto loans that provide faster access to cash and primarily focus on crypto borrowing services. The platform went live on April 30, 2018, and secured an unbeatable position in the crypto universe.
Antoni Trenchev, Kalin Metodiev, and Georgi Shulev are the main players behind the project, offering a backbone of the glassy-focused system at the heart of Nexo. The platform is a Centralized Finance (CeFi) platform offering a wide range of services including purchasing digital assets with fiat currency to swapping tokens. Also, the platform is well known for offering crypto-backed loans.
The platform supports more than 20 cryptocurrencies including Bitcoin, XRP, Monero, Cardano, Ethereum, etc. NEXO token is the native currency of the Nexo platform and is used as a source of discounts and other benefits from the Nexo Card.
Why Choose the Leading Digital Asset Institution?
Nexo is a legit project, introduced with the motive to make the buying and selling of cryptocurrencies easier. The project is birthed out to mitigate issues encountered by developers that are affecting the financial system and financial technology industry.
Prevention of crypto assets from sitting idly, mainly in the era of the growing popularity of cryptos, retention of ownership over digital assets, and easy liquidation of cryptocurrencies has made Nexo a great choice for crypto investors.
In addition to this, automated and guaranteed instant approval with no credit checks, no minimal loan repayments, worldwide availability, no liquidation fees and FX commission, and free local bank withdrawal boomed the ranking of Nexo in the crypto universe.
How Does the Platform Work?
The platform is operated by a company with its interests and full monitoring. Although a decentralized platform is trusted by crypto enthusiasts, this centralized structure permits Nexo to uphold regulations and register with required governance bodies, offering a glassy legal ground.
Nexo’s business model integrates an “under-leveraging” process to safeguard the company as well as the customers. The platform simply allows users to borrow a percentage of the value of their digital asset, safeguarding users from the daily ups and downs of crypto prices, and maintaining their loan-to-value ratio unaffected.
The overall working of the Nexo Platform depends on Nexo Oracle and its clients. Transferring crypto to an overdraft wallet, receiving an instant overdraft, repaying the overdraft, and withdrawing crypto from an overdraft wallet is the easiest working.
Nexo Oracle, a real-time tracking model made cryptocurrency’s price tracking more efficient in real-time. Also, the platform collects data from different sources to prevent any price discrepancies when offering loans or any service to the customer. Oracle is the heartbeat of the platform and manages network governance, real-time asset monitoring, data analytics, and finalization of the contract based on current crypto prices.
Want to Buy a NEXO Token?
The native token of the Nexo platform is traded as restricted securities and is mainly used to make repayments to Nexo. Buying NEXO is as easy as buying other digital assets. All you need is a computer system or smartphone with an internet connection, a mode of payment, and a photo identification.
Comparing and selecting cryptocurrency exchanges is the initial step and helps in making the token purchase effortless. You only need to find crypto exchanges that support the NEXO token. Binance, ByBit, Gate.io, Huobi, and Nexo are some of the main exchanges to look at.
Once the exchange is selected, the next step is to create an account on the particular exchange, which requires an email address and identity verification. Depositing to the account will help you make a purchase and can be done using any mode of payment including bank transfer, cryptocurrency card, or credit/ Debit card. It’s completely your choice to select the payment mode, just check the compatibility of the payment mode with the respective exchange.
Buying Nexo is the final step of the buying process and just requires exchanging the funds for the digital asset. Entering the amount you wish to purchase and hitting buy is the only action you need to perform. You can now withdraw the purchased crypto assets to the Nexo-compatible wallet. MetaMask, Nexo Wallet, and Coinbase Wallet can be used for token withdrawal.
The token has a total supply of 1 Billion NEXO and a circulating supply of 560,000,011 NEXO, which is around 56% of the total supply.
Conclusion
Nexo platform is one of the leading, all-in-one crypto exchanges, supporting a wide range of crypto assets including Bitcoin, XRP, Monero, Cardano, Ethereum, etc. The overall working of the platform depends on Nexo Oracle offering clients instant loans and faster access to cash. The native token can be purchased from platforms including Binance, ByBit, Gate.io, Huobi, and Nexo.
FAQs
Can I buy Nexo with cash?
Yes, you can buy the token using cash as well as other payment methods like PayPal, debit, and credit cards.
Can I use Nexo in real-life transactions?
Yes, the Nexo Card permits you to spend the value of the Nexo token without selling it. Platforms supporting Mastercard accept Nexo.
What is Nexo Ventures, and what does it do?
Nexo Ventures is a fund that aims to drive the continued adoption of cryptocurrencies and the expansion of the Web3 Ecosystem. The venture has made 3 investments and is active in decentralized finance innovation, Web3, and metaverse.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/11/11/exploring-nexo-nexo-an-all-in-one-leading-crypto-platform/