Nexo is one of the world’s main crypto lending and borrowing systems with a big worldwide consumer base and a robust presence in Europe. Nexo is taken into consideration one of the “large 3” lending systems along BlockFi and Celsius and has a fantastic popularity in the crypto and FinTech communities, that is why we’re glad to be bringing you this Nexo overview today.
⚠️Safety Notice⚠️- In mild of the current liquidity problems confronted through the lending platform Celsius and 3AC, and the excessive hazard of contagion that would bring about in addition employer screw ups all through those hard marketplace conditions, we do now no longer propose customers preserve price range on any lending systems or centralized exchanges till the markets recover. We endorse crypto holders self-custody all through those unsure times.
Nexo has advanced into a lot extra than only a lending platform and is constantly innovating, turning into a frontrunner in FinTech answers and also are subsidized through a few quite influential names in the cryptocurrency area which we can cowl later. The NEXO token has additionally been accumulating pretty a piece of momentum given that its launch and maintains to carry out undoubtedly over the lengthy term, securing its function as a pinnacle a hundred cryptocurrency.
A Look at the Nexo Homepage
If you’re trying to study greater approximately crypto lending and borrowing systems or are thinking about the use of Nexo and exploring different crypto solutions, you then definitely have come to the proper place. We actually have a superb head-to-head evaluation article on Nexo vs Celsius in case you would really like to present that a gander as well, that article may be observed right here.
Disclaimer right here that I use Nexo as a part of my non-public crypto funding method and maintain the NEXO token to liberate extra functions at the Nexo platform.
At Nexo Earn Up to 18% with Mentoring Online Wealth Here
What is Nexo?
Nexo is a assignment that offers lending offerings whilst the use of cryptocurrencies as collateral. Lending systems have come to be very famous in the crypto enterprise as they offer crypto hodlers with the cappotential to get admission to coins with no need to promote their virtual assets. Crypto customers can borrow fiat currencies or stablecoins towards their crypto stash so one can meet each day expenses, keep away from triggering a capital profits taxable event, purchase themselves some thing exceptional, or heck, even purchase greater crypto!
Established in 2018 and situated in Zug, Switzerland, Nexo are one in all the “OGs” with inside the crypto enterprise. With what looks like infinite crypto tasks doping up and disappearing all of the time, it’s far exceptional if you want to believe a platform that has been round considering the fact that 2018 which is basically historical in crypto years and boasts a sterling recognition and excellent music document amongst crypto enthusiasts.
Get Instant Access to a Credit Line with Nexo
Nexo is one of the maximum regulated and compliant-pleasant crypto offerings around, the group has long past to dazzling lengths to make sure that they stay at the proper facet of regulation. Nexo is registered with the U.S Financial Crimes Enforcement Network, FINTRAC, ASIC, and preserve a couple of unique U.S State licenses which may be determined here.
Achieving this stage of regulatory compliance makes Nexo one of the great alternatives to be had for European, Canadian, and Australian primarily based totally users, eventual though in addition they have clients from Asia and throughout the globe. For our UK primarily based totally readers, many clients with inside the UK additionally use Nexo, eventual though they’re now no longer registered with the FCA, so be aware about that.
**At Mentoring Online Wealth, we’re continually running to make sure that our network can revel in get entry to to the great offers in crypto. Readers who join up to Nexo the use of this hyperlink can earn up to $one hundred fifty bucks in loose BTC!
Nexo Review: Lending
Lending systems have grow to be one of the maximum famous locations for clients who need to earn a pleasant little APY on their funds. If you’re a person sitting on a few crypto and don’t need it to acquire dirt sitting in a pockets doing nothing, you could keep in mind depositing them on a lending platform like Nexo for a few first-rate returns.
Nexo customers have alternatives with regards to how they need to earn passive Nexo hobby on their crypto. They can both earn in-kind, which means that in case you deposit Ethereum, you earn hobby in Ethereum, deposit Bitcoin, earn Bitcoin etc. The different choice is that you could pick to earn Nexo hobby with inside the platform’s NEXO token which offers customers a pleasant little 2% bonus. Here is a study a number of the APYs available:
Earn Attractive APYs on 32 Different Assets
The APY that customers can assume to earn is depending on their loyalty degree and the asset chosen. One aspect I sincerely like approximately Nexo is they deal with people with more than one hundred greenbacks similar to a person with one million greenbacks on the subject of the loyalty levels. Users’ loyalty degree is primarily based totally on how many in their portfolio is in NEXO, now no longer how tons cash they’ve at the platform that’s nice. The better the loyalty degree, the better the APY prices that clients can revel in with inside the Earn section, and the decrease the borrowing reimbursement prices are. Here is a have a take a observe the loyalty tiers:
A Look at Nexo Loyalty Levels
Earning on Nexo is easy. In order to earn to your crypto holdings, really purchase or switch any of the 32 property supported at the platform, and depart it. That’s it! Couldn’t be easier.
Nexo Review: Borrowing
Lending works via way of means of permitting debtors to fasten up cryptocurrencies as collateral in trade for fiat forex or stablecoins. The coins is both dispatched at once to a financial institution account, or it could be brought to a debit card. In case of marketplace volatility (which is sort of a given with cryptocurrencies) the restriction at the debit card will regulate in reaction to adjustments with inside the marketplace price of the underlying cryptocurrency.
With Nexo, if customers emerge as a Gold or Platinum member and preserve their mortgage to price ratio below 20% they could borrow for as low as 0% that is amazing. Users also can borrow budget with out a credit score checks, no origination fees, and feature on the spontaneous get right of entry to as soon as budget had been deposited in maximum cases, however can soak up to 24 hours to be permitted in a few cases.
Borrow Against Your Crypto at 0% APR
One crucial difference that units Nexo other than lending structures Celsius and BlockFi is that Nexo does now no longer provide conventional crypto loans, however instead a crypto line of credit score which permits for greater flexibility.
A Look at the Nexo Smart Credit Line
Here are a number of the excellent motives to borrow with Nexo:
- Rates from 0%- 13.9%
- Instant Approval in maximum cases
- No credit score checks
- 40+ currencies to borrow such as fiat or stablecoins
- Ability to transform more than one property
- No Installment – Users will pay their stability off partly or absolutely each time they pick with out a constant price schedule
- Easy compensation alternatives thru fiat, crypto, or a combination
- Choose from 38 collateral alternatives and 40+ fiat currencies and stablecoins to borrow in.
Not most effective does Nexo aid borrowing for extra property than another platform, however they’re additionally one of the first structures that permit customers to borrow towards their NFTs! That’s right, all the ones holders of Bored Apes and CryptoPunks can borrow as much as 20% of the price in their treasured NFTs.
Go Bananas Borrowing Against NFTs Like the BAYC and CryptoPunks
Nexo Review: Swaps/Exchange
Users on Nexo can switch among 300+ in their favorite crypto belongings and stablecoins or even earn 0.5% cashback relying on loyalty level.
A Look at Swapping Crypto on Nexo
Nexo gives aggressive fees on swaps thru the Nexo Smart Routing System which connects customers to the pinnacle 10 exchanges immediately to make sure customers get the maximum cost-powerful fees. The swaps are achieved almost instantaneously, and balances are up to date straight away so crypto customers aren’t left ready round for his or her exchanges. All new swaps also are located immediately with inside the customer’s financial savings wallet, that means they may be constantly incomes a pleasing yield for wonderful all-round convenience.
Nexo clients can raise their portfolio 3x the use of leverage on their crypto holdings.
Use 3x Leverage on Crypto Holdings
By leveraging crypto holdings, customers can borrow extra price range and develop their positions in supported assets. Essentially, what this permits clients to do is locate their present day holdings to shop for up to a few instances extra in their favored virtual asset with the aid of using financing the purchase via a crypto-subsidized line of credit. Here is a study the way it works:
How Boost Works
If used properly, leverage can assist customers in addition capitalize on uptrends, purchase extra all through marketplace dips, and develop their portfolios while not having to position up more capital.
Buying Crypto on Nexo
Nexo has over 38 virtual belongings that customers can buy honestly the usage of a debit/credit score card or through financial institution transfer.
Go From a No-Coiner to Hodler in Seconds
Nexo gives direct on-ramps for USD, EUR and GBP, and each MasterCard and Visa issued playing cards are accepted. Once purchased, crypto finances are at once credited to the Earn phase that’s in reality convenient. The oldsters at Nexo need to make sure that no patron finances are sat idle, they need absolutely each person to earn healthful hobby from the minute their finances are deposited at the platform.
Depending at the loyalty tier, clients can earn a further 0.5% cashback on crypto purchases thru the platform as well. In order to buy crypto, clients will want to go through KYC and identification verification which may be finished in more than one minutes. Card purchases are immediate and the minimal card transaction restrict is $50 even as the most is $5,000 with a month-to-month cap of $10,000.
Wire transfers can normally take 1-three commercial enterprise days relying for your country. Here is a have a take a observe the easy three step shopping for crypto process:
Easily Purchase Crypto in 3 Steps
If you already preserve crypto, price range may be transferred to the platform similar to you’ll ship crypto from pockets to pockets, or change to pockets. Just ensure to double-test to peer if the crypto asset you’re sending to Nexo calls for a memo or ID/vacation spot tag. The maximum not unusualplace property that require memos/vacation spot/ID tags whilst sending to an change are: Cosmos (ATOM), EOS, Stacks (STX), Stellar (XLM), Ripple (XRP), Hedera Hashgraph (HBAR) and a few others, so usually make certain to test earlier than sending.
I am a big fan of crypto playing cards as the usage of one looks like you get a double gain on cashback earnings. With Nexo Lending (Earn) and the Nexo card, you could earn a pleasing APY honestly for saving, at the same time as additionally being rewarded with 2% returned for spending. Double dipping at the rewards… Nice one.
Unbank Yourself with the Nexo Card
Using a crypto card is a brilliant step in unbanking your self and getting farfar from the ones grasping banking Fat Cats. Crypto customers have a hard desire to make: Save cash in a financial institution and earn 0.02% and get hold of 0.5% Cashback while spending, or use a platform like Nexo in which you may earn over 10% on financial savings and 2nd lower back for spending. Hmm, perhaps that wasn’t this type of hard desire after all.
Using crypto debit playing cards also are a brilliant manner to assist make certain you take income all through a bull run. The Nexo card is regularly occurring everywhere that MasterCard is regularly occurring. Here is a breakdown of a number of the blessings:
- Accepted everywhere global that MasterCard is regularly occurring
- Up to 2% cashback on all purchases
- Free extra digital playing cards for steady on line payments
- Payments in neighborhood currencies
- No monthly, annual, or state of being inactive fees
Being capable of pay in neighborhood currencies is a massive one which makes existence so handy for people who travel, mainly round Europe in which you may be spending in three specific currencies in a unmarried day as you go borders. If you count on an upcoming trip, escape the water wings, sunscreen, sunglasses, and search out a Nexo card as being capable of spend in a neighborhood forex is a brilliant characteristic and saves an extraordinary amount of cash as compared to seeking to use a conventional financial institution or credit score playing cards overseas. Here is a examine a few extra blessings of the Nexo card:
If you’re with inside the marketplace for a crypto card, make sure to test out our article at the pinnacle crypto playing cards here.
Nexo Ambassador Program
If you’ve got got ever desired to make an effect in the crypto community, make a contribution to the combat for crypto adoption and sell all of the advantages that blockchain has to offer, the Nexo Ambassador software can be for you.
Spread the Crypto Gospel and Become an Ambassador
Ambassadors can earn a regular earnings flow for selling the Nexo platform and bringing aboard new customers. Users who sign on for the Ambassador software can revel in the subsequent benefits:
- Generous repayment and aggressive salaries
- Result-Based Bonuses- Ambassadors who meet month-to-month objectives on a normal foundation don’t have any restriction on how a whole lot earnings they could earn.
- Networking Opportunities- Open doorways to new markets and clients with the aid of using networking with Nexo crew contributors and different Ambassadors.
- Recognition & Influence- Imagine turning into the reliable Nexo consultant for your private home country. The extra you onboard, the extra you earn.
- Mentoring & Guidance- You won’t pass it alone, Nexo gives schooling and mentoring possibilities with leaders with inside the blockchain space
- Exclusive Access- Ambassadors get first-hand insider information approximately Nexo’s upcoming features, releases and news.
This is extra than your common associate software and might not be appropriate for everyone. In order to grow to be a Nexo Ambassador, customers must be enthusiastic about crypto and now no longer simply in it for the money. Here is what Nexo is searching out in phrases of Ambassadors:
As an Ambassador, your mission, have to you pick out to just accept it, can be to sell Nexo on your usa and be a key participant in constructing the neighborhood Nexo community. To study greater approximately the Ambassador program, you could discover all of the data and join up here.
Anyone who has been kicking across the crypto area lengthy sufficient is aware of the significance of safety, specially with what number of change hacks common the information and all of the horror memories we pay attention approximately clients dropping their funds. There aren’t many systems which can boast that they’ve by no means been hacked, and I am satisfied to announce that Nexo’s safety recognition and records is flawless. No hacks here.
Enjoy Peace of Mind with Industry-Leading Security at Nexo
Nexo follows enterprise quality practices and has partnered with BitGo, Ledger Vault, Bakkt, and others to be able to stable finances and provide $375 million really well worth of insurance. Nexo additionally makes use of completely audited clever contracts, and that they carry out everyday third-birthday birthday celebration penetration trying out to make certain that there aren’t anyt any flaws in protection.
BitGo presents Nexo with bloodless garage answers and bank-grade elegance III vaults thru their SOC 2 Type 2-licensed custodianship program. Ledger Vault insures virtual property for up to $one hundred fifty million and presents cloud-primarily based totally virtual asset custody infrastructure. Bakkt presents Nexo with Bitcoin and Ethereum custody which utilises air-gapped bloodless garage answers. Here is a have a take a observe the extra protection answers, certifications, and companions used by Nexo:
An Impressive Multi-Layered Comprehensive Approach to Security
Customer data is contained in the back of secured networks with restricted employees access. Nexo makes use of an authorized data safety control gadget this is ISO/IEC 27001 certified.
It is secure to mention that Nexo has the back-give up safety on lockdown, however we understand that many “hacks” are a end result of carelessness and errors carried out through the user. Here is a study the safety capabilities at the Nexo platform that clients can put in force to assist flip their bills into Fort Knox:
- 2FA Authentication: SMS verifications, e-mail verifications, authenticator app support
- Biometric Identification: Using fingerprint or face recognition
- Whitelisting: Manage your crypto addresses or enhance the safety of your account even in addition through permitting Address Whitelisting.
- Withdrawal Confirmations & Log-in Alerts
Nexo’s safety is going lots deeper than I am capable of cowl in complete element on this article. If you need to dive deep into all of the steps Nexo has taken to make sure the protection of budget and the precise specifications and certifications, you could discover all that data here.
NEXO and Regulation
As noted above, Nexo is one of the maximum regulatory pleasant crypto systems in existence. Nexo has been very clean in mentioning that the NEXO token is a protection token and that it’s miles compliant with the Securities and Exchange Commission Regulation D Rule 506(c). Interestingly, the NEXO token became the world’s first US SEC-compliant dividend-paying asset-sponsored protection.
Nexo has executed a extremely good activity of being in advance approximately the popularity in their crypto-asset, and that they had the foresight to recognize the crypto law that might be coming down the road and organized for it properly beforehand. Nexo has passed through quite a few attempt to stay compliant with U.S. guidelines and live one step in advance of the continuing crackdowns skilled via way of means of systems like Celsius and BlockFi.
The NEXO Token
The Nexo crew had give you an exciting incentive to get buyers interested by conserving the NEXO token. Up till June 2021, buyers who held onto NEXO tokens have been paid a dividend. Thirty percentage of the earnings generated from Nexo loans have been dividend right into a pool that changed into then disbursed to NEXO holders. Dividends have been paid out in Ethereum (ETH) before everything however the crew later determined to do one very last payout to buyers with inside the NEXO token earlier than finishing the dividend application to exchange to only a easy every day hobby payout approach for crypto holders at the Nexo platform that is in location now.
Users are incentivized to keep and use the NEXO token to earn better APYs, revel in decrease hobby fees whilst borrowing, and acquire reductions whilst paying borrowed finances returned the use of the token. Holding the Nexo token is likewise essential for customers who need to growth their loyalty tier for higher blessings and perks inclusive of unfastened withdrawals and cashback on swaps and crypto purchases.
Some of the Benefits of Holding the NEXO Token
NEXO carried out its ICO on April 1, 2018, raising $52.five million and promoting tokens for $0.10 each. Subsequently, the NEXO token commenced buying and selling on May 1, 2018, at $0.190647. It rose speedy proper out of the gate and hit $0.539466 only a week later. Nexo token exploded with the wider crypto markets with inside the first 1/2 of of 2021 and hit its all-time excessive of simply under $four in May.
The Nexo token struggled with the relaxation of the crypto market, losing in fee with-inside the 2nd 1/2 of of 2021 and as we task in addition into 2022 amidst developing macroeconomic issues which can be affecting the whole funding space. The token is sitting at $2.forty on the time of writing (March 2022) that’s lots better than its preliminary token rate, and the token has loved steady rate appreciation overall. The long-time period overall performance of NEXO stays strong, and the collection of better lows seems like this token might also additionally have a few room to run in my opinion.
The charge appreciation of the token has been fuelled through the sturdy boom with inside the recognition and adoption of the Nexo platform, which has pushed call for for the NEXO token. Nexo has remained a pinnacle one hundred crypto asset for years, presently sitting on the 79th spot through marketplace cap.
Nexo Buyback Program
In November 2021, Nexo launched its $100m buyback program for the NEXO token.
This is an initiative released via way of means of the Nexo team, in which they may be repurchasing the NEXO token periodically on an open-marketplace important so that it will assist to reinforce liquidity, lessen volatility, and assist sell capital appreciation of the NEXO token.
How Nexo Handles Crypto Volatility
Cryptocurrencies are a number of the maximum risky property at the planet, with day by day rate swings of 10% commonplace, and month-to-month rate swings of 50% or extra now no longer unusual. Stablecoins like TrueUSD and Tether (USDT) have discovered to address upside rate actions however nevertheless battle with falling prices.
Nexo makes use of a idea from conventional lending called Loan-to-Value to evaluate danger. In conventional lending, a borrower who’s taken into consideration a default danger is given a better LTV.
Loan to Value vs. Liquidity. Image Source: BDC
Nexo makes use of an set of rules known as the Nexo Oracle to decide the LTV ratio for borrowers. Given the volatility that includes cryptocurrencies, it’s probable that LTV ratios will frequently be extra than 50% until cryptocurrencies turn out to be a ways much less volatile (which has been going on for Bitcoin). In practice, this indicates in case you have $10,000 in Bitcoin on your pockets and the LTV is 50% you may be capable of borrow 50% of your pockets Bitcoin balance, or $5,000.
The Nexo Oracle will paintings to keep away from a state of affairs just like the U.S. housing disaster whilst many domestic values dropped beneath the cost of the loans on the ones properties. Because there’s continually a danger of declining asset values with inside the cryptocurrency markets, the Nexo Oracle may be used to difficulty margin calls. Users may be capable of reveal their LTV fitness and may be notified if they’re coming near a margin name that allows you to take the correct steps and both pay off or re-collateralize their borrowed funds.
Users Can Monitor Their Credit Line Health to Avoid Surprise Margin Calls
The Nexo Oracle monitors and regulates all elements of the platform along with analytics, loan distribution, asset monitoring, wallet maintenance, and others. Here is a diagram of ways the Oracle works:
The Nexo Team
Nexo has a middle founding crew of 14 members, maximum of whom additionally preserve high-degree positions on the European client FinTech enterprise Credissimo. Kosta Kantchev is the leader coping with associate and co-founder of Nexo, and he become additionally a co-founder of Credissimo.
A 2nd coping with associate and co-founder of Nexo is Antoni Trenchev, who become formerly a Member of Parliament on the National Assembly of the Republic of Bulgaria. He additionally has greater than 7 years of revel in in e-trade improvement and approach in addition to automation of e-trade processes.
The third coping with associate and additionally co-founder of Nexo is Georgi Shulev. He has greater than 6 years of revel in in the funding banking enterprise and become a co-founder of Consestimate, an open economic estimates platform.
Credissimo by the Numbers
On the IT side, the fourth co-founder and CTO of Nexo is Vasil Petrov, who brought over 16 years of experience in system administration, back-end development and architecture to the Nexo project.
Advisors of Nexo include Michael Arrington, the founder of TechCrunch and Arrington XRP Capital. Trevor Koverko, the founder of Polymath, is a second advisor. The advisory team is rounded out by Ugo Bechis, who brings 40+ years of experience in SEPA compliance and finance to the project.
Nexo also has a heavy-hitting team of strategic partners, some of which include: bakkt, BitGo, Ledger, Paxos, Circle, Fireblocks, Terra, Securitize, Brave and more. Nexo holds memberships with the Bitcoin Foundation, Crypto Valley, Swiss Finance + Technology Association, Crypto UK, European FinTech Association, etc. A full breakdown of partnerships and advisors can be found here.
In the early days, Nexo had a few developing pains and problems with network contributors defecting after it apparently placed its month-to-month dividend bills on maintain as they re-evaluated how the dividend function turned into going to be structured. In addition to proceedings approximately the venture now no longer honouring this commitment, there had been extra complaints and bad opinions approximately the organization now no longer assembly different commitments and deadlines. Though it appears that evidently an awful lot of these problems have now been conquer and latest Nexo opinions are common high-quality, the platform is seeing huge boom from hundreds of thousands of satisfied users.
Nexo enjoys a massive social media following and has greater high quality than bad criticisms through a massive margin from what I turned into capable of accumulate from their social structures and the multitude of superb opinions from web sites like Trustpilot. Their Twitter account has 117k fans and is seeing an growth in activity, developing at an expected charge of 197 fans in line with day.
Twitter Statistics Showing Healthy Interest and Growth for Nexo Image via speakrj.com
The Nexo subeditor is likewise a bustling hub with over 30k individuals and each day posts and discussions on all matters Nexo related. The NEXO Telegram chat is likewise a amazing area to test out as this is wherein the group and network with over 37,000 individuals are the maximum active.
Pro Tip: Most crypto tasks have enticing groups on webweb sites like Reddit and Telegram. If you’re ever not able to discover a solution you’re searching out with inside the information base, it’s far regularly really well worth posting your query on Reddit or Telegram, because the network is regularly faster at answering questions than the assist personnel can be. Just be conscious that Reddit and Telegram are complete of scammers pretending to paintings for client assist, so don’t ever proportion private statistics like personal keys, passwords, healing terms etc., as every body requesting that statistics is in all likelihood looking to advantage get right of entry to in your account/funds.
Nexo Review: Support
Any crypto platform that offers live chat and fast response times impresses me immediately. I personally contacted Nexo via live chat and the process went smoothly. The team got back to me in less than five minutes and responded quickly to my questions, so congratulations on that. Of course, many old crypto veterans will tell you horror stories of deplorable customer service experiences they’ve had with many crypto platforms, but Nexo is pretty great at support terms.
A Look at the Nexo Help Center
Nexo users can get 24/7 support by submitting a ticket/support via email or by clicking on the little chat icon when logged in. – Help/Knowledge section that can answer most problems or questions you may have with the platform.
Nexo Interface & Mobile
Nexo is available via web browsers and mobile devices for iOS and Android. Both platforms are very clean, intuitive and easy to use. When I say easy, I mean very easy. Mobile is easier than any banking app you’ve ever used.
Nexo Layout Image via Nexo
The menu design is straightforward and the simplicity of the platform is quite refreshing. It feels like many crypto platforms are trying to be the swiss army knife of everything and it can be easy to get lost at the click for what feels like an eternity. .It seems I’m not the only one impressed with the mobile application; The reviews on Google Play Store and iTunes Store seem to be quite positive.
Nexo Review: Conclusion
Nexo has quickly become one of the largest cryptocurrency lending platforms in the world. A platform doesn’t reach this status without a great product, a great platform, and a great team behind the program. Adoption continues its upward trend towards mainstream adoption. They allow holders to unlock the value of their assets without relinquishing ownership of them. Another outstanding attraction is of course the fantastic APY which is higher.
than you’ll ever get at a traditional banking institution, and of course the cute crypto cashback card. Rest assured that they have analyzed the need for cryptocurrency lending services and what it takes to run a successful FinTech business. They also have strong support from some of the biggest names in the industry as consultants and partners.
Crypto lending has quickly grown into a multi-billion dollar industry, with crypto lending companies enjoying some of the fastest growth and adoption in the entire crypto space. Appreciation, as many financial advisors have suggested. So if you’re looking for a fantastic place to borrow, lend, spend and tap into the power of cryptocurrency, Nexo might be worth considering.
Is Nexo safe?
Nexo emerged as the safest crypto lending platform after Celsius and BlockFi faced liquidity issues in 2022. Celsius froze customer funds and denied withdrawals, while BlockFi had to receive a financial bailout from FTX.Nexo is a regulated, compliance-friendly and most trusted lending platform in the industry. The company is insured and users can view real-time third-party audit results on its website to show the financial health of the platform.
Nexo follows AML and KYC standards and features a comprehensive firewall server architecture, biometric identity verification and separate multi-signature cold wallets to protect funds. A platform with no custody is worth the reward. Both BlockFi and Celsius were also considered “secure” at times. Is Nexo regulated? Yes, Nexo is a licensed and regulated digital currency provider that complies with regulations in more than 200 jurisdictions around the world.
Is Nexo better than a bank account?
Nexo and banks fulfill different functions. Nexo offers a higher APY than banks, but also comes with a higher risk due to the inherent risks of cryptocurrencies and the fact that banks can often expect government bailouts if they get into trouble. Nexo is better than a bank for those interested in crypto lending, crypto credit, and crypto cards as they offer these services that most banks do not. If you want to dig deeper into Nexo, you can also find Guy’s Take on the following lending platform: