Crypto Lending Platform Nexo Introduces Ethereum Smart Staking

• Nexo’s Ethereum Smart Staking allows users to convert ETH for Nexo Staked ETH.
• It offers staking incentives of between 4% and 12% APY, paid out in NETH.

Following the release of its Ethereum Smart Staking solution, Nexo saw a 5.3% increase in the value of its native coin. Nexo’s Ethereum Smart Staking allows users to convert ETH for Nexo Staked ETH (NETH) and get staking incentives of between 4% and 12% APY, paid out in NETH. 

According to CMC, the current price of NEXO is $0.674, up around 2% week over week. However, this is still a significant drop from its November 1st high of $1 and an even larger drop of 83% from its all-time high of $4.07 in May of 2021.

Walking Out of the U.S

The NEXO token offers users of the platform a number of benefits, including lower interest rates on loans and deposits. On Tuesday, the crypto lender said that it was halting access to its Earn Interest Product in eight U.S. jurisdictions after 18 months of conversation with state and federal authorities.

The market promptly spiked during a time when Nexo’s Earn Interest Product will no longer be available in eight states. Nexo stated in a statement that the U.S. “refuses to provide a path for enabling blockchain businesses.” Access to accounts and withdrawals are unaffected by the discontinuation of the Nexo Earn Interest Product in Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington.

After the demise of Terra earlier this year and the crypto exchange FTX, the last few months have not been easy for crypto lending businesses like Nexo’s BlockFi, Voyager, and Celsius. The crypto industry as a whole has taken a hit due to recent catastrophic events.

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Nexo Claims Gradually Walking Out of the United States