What is Nexo (NEXO)?
Nexo is a crypto lending platform built on blockchain technology. Nexo accepts top-selected crypto assets as collateral for fiat or stablecoin loans. The platform is powered by NEXO token, which allows users to receive discounts on specific trades and even offers returns when staked on the platform. Nexo platform offers solutions like Interest on crypto, crypto swap pairs, Nexo card to access a range of crypto solutions and crypto-backed loans.
Who are the founders of Nexo?
Antoni Trenchev is the founder of Nexo. Before founding Nexo Trenchev has played a vital role in advocating the adoption of blockchain and crypto. He served as a member of parliament in Bulgaria’s National Assembly from 2015 – 2017 where he promoted blockchain solutions for e-government services and voiced on crypto and digital finance-related current events to mainstream media, including Bloomberg, The Independent, and CNBC.
Nexo is headquartered in London with a workforce of 150 employees, over a million users worldwide and the platform manages $ 4 billion in assets.
How does Nexo work?
Nexo is powered by smart contracts and Oracles on the Ethereum network. It is one of the earliest platforms to offer instant crypto loans. Once a user deposits funds into the Nexo wallet, the oracle lays out the details of the loan and the funds are remitted to the user. When a user deposits funds to repay the loan, the oracle transfers the crypto deposit to the user and records the repayment transaction on the blockchain. The entire process is powered by the native token NEXO automated with smart contracts to register the fund balance of the user.
Key Attributes of Nexo
Collateral backed loans: Crypto-backed flash loans is the flagship offering of Nexo platform. Users can receive quick and instant loans by simply depositing their crypto assets on the Nexo platform and get an instant fund transfer to their account. Users can opt for fiat or stablecoin loans.
NFT lending: Users can lend their NFTs as collateral to acquire a loan. If the NFT’s value exceeds $500k, a fund manager shares the quote of the NFT-backed loan and a digital agreement is signed on the blockchain that allows the NEXO smart contract to remit the loan amount to the user.
Nexo Booster: On Nexo, users can use their crypto holdings to receive leverage to trade in higher volumes on the platform. Nexo booster offers a minimum of $ 250k per boost.
Nexo Card: Users can earn up to 2% in NEXO or 0.2% in BTC. Nexo card holders can earn on crypto transactions. Users can use the card’s credit line. Purchases made through the card are directly deducted from the available credit while the user’s portfolio remains intact.
How to buy Nexo (NEXO) in India
Use this three-step process to buy your first Nexo token using the CoinDCX crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy NEXO on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy NEXO: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Additional Read: How to choose a crypto exchange?