Founded in 2018, Nexo is the world’s leading regulated digital assets institution.
The company’s mission is to maximize the value and utility of cryptocurrencies by offering an Exchange service with 300+ market pairs, tax-efficient Instant Crypto Credit Lines™, the first-of-its-kind Nexo Card, a high-yield Earn Crypto Interest suite, and sophisticated trading and OTC capabilities while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $80+ billion for 4,000,000+ users across more than 200 jurisdictions.
In this article, we will highlight everything you need to know about Nexo as a place to buy, exchange, store, borrow against, and earn interest on your assets.
Nexo Exchange
The Nexo Exchange is Nexo’s swap functionality, which allows for immediate exchanges between 300+ crypto pairs directly within the Nexo platform. The feature is a one-stop shop for the native NEXO Token and 40 other digital currencies and allows clients to swap while their earnings yield and receive cashback with each transaction. More than 100 of the market pairs available are exotic ones that crypto investors would struggle to find elsewhere.
What sets the Nexo Exchange apart from the rest is the proprietary Smart Routing System which connects to the most liquid exchanges at once, providing clients with cost-effective execution.
Lending
Lending platforms have become one of the most popular places for customers who want to earn a nice little APY on their funds. If you are someone sitting on some crypto and don’t want it to collect dust sitting in a wallet doing nothing, you can consider depositing them on a lending platform like Nexo for some nice returns.
Nexo users have two options when it comes to how they want to earn a passive yield on their crypto. They can either earn in-kind, meaning that if you top up ETH, you’ll be earning interest in ETH; deposit BTC and earn BTC, etc. The other option is that you can choose to earn in the platform’s NEXO Token which gives users an extra 2% bonus. Nexo’s current rates go up to 17% p.a. and the platform is the only one that pays out daily interest to its clients. Assets are insured for up to $375 million and are audited in real-time by leading US accounting firm Armanino.
Borrowing
Lending works by allowing borrowers to use cryptocurrencies as collateral in exchange for fiat currency or stablecoins while keeping the upside potential of their digital assets. The cash is either sent directly to a bank account or can be spent instantly using the Nexo Card, currently available in select European markets. In case of market swings in one direction or another (which is almost a given with cryptocurrencies), the available credit line will adjust in response to the changes in the market value of the underlying cryptocurrency.
With Nexo, if users become a Gold or Platinum member and keep their loan-to-value ratio under 20% they can borrow for as little as 0% which is amazing. Users can also borrow funds with no credit checks, no origination fees, and have instant access once funds have been deposited in most cases, but can take up to 24 hours to be approved in some cases.
The NEXO Token
Users are incentivized to hold and use the NEXO Token to earn higher yields, enjoy lower interest rates when borrowing, earn crypto rewards when swapping between assets, and receive discounts when paying borrowed funds back using the token. Holding the Nexo Тoken is also necessary for users who want to increase their loyalty tier for better benefits and perks such as free withdrawals and cashback on swaps and crypto purchases.
Nexo’s Institutional and OTC Services
In 2022, Nexo committed to onboarding institutions into crypto in a sophisticated and efficient manner by launching Nexo Prime — a proprietary prime brokerage platform for institutional, corporate, and high-net-worth investors.
The company is also an active supporter of the Web3 economy through Nexo Ventures — it's investment and acquisition fund that backs the early-stage crypto projects building the Web3 and its decentralized infrastructure.
In late 2021, Nexo pioneered NFT-backed lending with its over-the-counter NFT Lending Desk. The service offers blue-chip NFT owners liquidity while allowing them to keep their prized assets.
Conclusion
The growth of Nexo, since its inception, is something that has caught everyone’s attention. With more than $12 billion dollars in assets under management and over 4 million users, it has proved its merit as an excellent platform for borrowing against cryptocurrencies, earning on savings, and exchanging between digital assets.
Lending platforms are becoming wildly popular as crypto adoption continues its upward trajectory towards mainstream adoption. They allow holders to unlock the value of their assets without giving up ownership of them. Another prominent attraction is obviously the fantastic APYs which are higher than you will ever get at a traditional banking institution.
With Nexo integration on the horizon, Mizar and Nexo have partnered together so that you can utilize Mizar’s tools and strategies on Nexo’s Exchange! With Mizar, you’re able to connect your API keys from Nexo to our platform so that you can start automating your trading and take part in copy trading strategies without ever giving up the custody of your tokens! Since Mizar is non-custodial, the bots or strategies you use on our platform can only trade on your behalf, never having the ability to transfer your funds out of your wallet. This way you will be able to enjoy the benefits of both platforms in a simple and seamless way, with you feeling secure that your funds are safe within the possession of your accounts!
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