Despite the tumultuous year we had in 2020, cryptocurrencies have still managed to surface as one of the best-performing asset classes.
Considering this rising popularity, there are numerous solutions emerging that allow you to grow your digital currency holdings.
If you have cryptocurrencies sitting idle in your wallet, it might be the right time to consider other monetary possibilities. Instead of merely holding on to them, you can capitalize on your digital coins by obtaining financing.
Nexo is one such fintech solution that allows you to build on your digital assets holdings by giving you instant access to cryptocurrency-based loans.
In this review, we explore the ins and outs of what Nexo is and how you can make the most of its services via the NEXO token.
Launched in 2018 by Credissimo, Nexo is one of the world’s first crypto credit providers. It has already processed over $5 billion in crypto loans for over 1 million users in 200+ jurisdictions.
What makes Nexo different from other lending platforms is that you don’t have to go through any credit scrutiny or mention the purpose of the loan in order to obtain approval.
On Nexo, by collateralizing your current crypto holdings, your loan will be instantly approved, and the money will be deposited directly to your bank account. You can borrow as little as $10 and up to $2 million, depending on your collateral amount.
Nexo also allows you to earn daily compounding interest on your crypto or even fiat currency. You can earn up to 10% interest annually and withdraw your capital at any time at zero fees.
To further expand the utility of your crypto-assets, Nexo has also introduced a Nexo Card that you can use to spend your digital coins without having to sell them.
One of the most popular endeavors of Nexo is its native ERC20 utility token. The NEXO token is deemed the world’s first compliant and asset-backed digital currency that also gives you access to dividends.
The main attraction…