Nexo, the CeFi platform with over 4 million of customers that offers many crypto services, including lending, swaps, purchasing, crypto sales and its credit/debit card.
I have been using it for a few years and have always found it very good, especially considering that the funds have always been protected on Cold Storage.
But, as you read in the title, we have a problem.
There is no real time audit, a monthly/quarterly or even half-yearly report, so there is no possibility of checking how the London company invests the funds.
The lack of transparency can no longer be omitted, especially given what has happened in the last two years (FTX, Celsius, BlockFi etc...).
Another issue raised by the community is "how Nexo makes money" and "how can it offer such high interest rates in Earn".
There is actually an answer to this question. It is a lending platform, which means it earns from the interest rates on the loans it grants, which vary depending on the type of cryptocurrency, loan duration and LTV (loan to value) percentage.
I hope that Nexo can resolve these problems soon, because it has really overcome many difficulties by showing signs of strength and also of not having invested in risky projects such as Alameda, Luna, Ftx and others.
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Here below some links if you'd like to support me:
Nexo and Nexo Card (Earn crypto at the highest rates, get 2% cashback on your purchases and receive 25$ when you register and deposit 100$)
https://nexo.com/ref/j6atsfddtw?src=android-link
Freecash (earn 20/100$ each month without cash investment)
Cointiply (earn 20/100$ each month without cash investment)
