TLDR - Nexo has released a Credit & Debit Card that allows you to use your FIAT or Crypto while earning interest on your funds AND earn cashback for using it! Check it out HERE
Crypto Exchanges and Wallets have taken a massive hit in this crypto bear market. Some have shown weakness or lack of trust and some have even gone bankrupt or shut down out of regulation pressure. However, some have been working quietly in the background and focusing on developing and continuously doing what needs to be done to keep their customer's funds safe. In my opinion, Nexo is one of those exchanges.
Nexo has been criticised for being dangerous and dodgy when Exchange fear has been at an all-time-high. Yet most of this was just FUD and none of the accusations were ever really proven with facts. Mind you, Exchanges should NEVER be trusted blindly and the aim of this article is not to get you to YOLO your funds into Nexo. However, I think NEXO has done a lot of work that deserves some attention. And I think as a cryptocurrency user you should be aware of these changes.
1. NEXO Announced leaving the US after seeing the regulatory chaos that was looming large
Nexo made the necessary decision to phase out its products and services in the United States in a gradual and orderly manner over the past few months. This decision followed over 18 months of discussions with both state and federal regulators, which had reached an impasse. Despite facing shifting regulatory stances, Nexo had made substantial efforts to cooperate, providing requested information and making business modifications in response to regulatory concerns. As a result, the company systematically phased out its operations in the U.S. over the past few months, which was considered a positive step.
2. Nexo releases non-custodial wallet
Nexo has listened to its community and made it a priority to release a non-custodial wallet so that customers can manage their own funds safely without losing the benefits of keeping your funds on an exchange! Here are some benefits that are currently being worked on on the Nexo Wallet
Earn Passive Income with DeFi: Easily stake assets and participate in liquidity pools directly from the Nexo Wallet's Earn tab, allowing you to generate passive income through DeFi activities.
Enhance Wallet Security: Customize your wallet's safety by enabling multi-signature functionality for multiple keys and configuring transaction rules to ensure extra protection. DeFi Crypto Card for Everyday Spending: Make everyday purchases with your cryptocurrency while maintaining self-custody, thanks to the DeFi Crypto Card offered by Nexo.
Seamless Crypto Funding with Cards: Simplify your entry into the DeFi space by purchasing cryptocurrencies directly with your Visa or Mastercard, ensuring a smooth onboarding process.
Cost-Effective NFT Trading: Access NFTs from various marketplaces, buy and sell them at lower costs using Nexo's aggregation feature, and store your NFTs securely while showcasing them to a global audience.
Enhanced NEXO Token Utilities: Anticipate the NEXO Token playing a pivotal role in your DeFi journey, offering expanded utilities and benefits within the Nexo ecosystem.
3. The Nexo Debit AND Credit card!?
Nexo already had a Credit card system that was pretty awesome. The concept was very simple, you are given a credit line that is a percentage of the value of the crypto that is on your account. So let's say you have a value of $1000 in your wallet, you would get around $250 as a credit line. This would allow you to spend that credit line directly with your NEXO card and you could top up the balance you spent to restore the credit line back to it's worth. Additionally, you also earn a 2% cashback for each transaction you used your card for!
This system was already great, as it was adding utility to your crypto that is sitting in a wallet. Not only is that crypto earning decent APY rates just for sitting there, but it's also opening up the option for you to spend that amount without actually using your crypto, just the value of it.
However, NEXO didn't stop there. They now introduced the Debit system which can easily be activated with a just one switch from the app and voila! The Nexo Card has successfully enabled users to spend their euro, U.S. dollar, and British pound stablecoins through debit transactions at more than 100 million merchant terminals worldwide. Users are now enjoying the benefit of earning up to 9% in annual interest on their stored balances.
I have personally started using my Nexo card much more often that I use my revolut account for card transactions. Not only do I earn a sweet cashback, but I can make more use of my FIAT and crypto interchangeably as I please. In my opnion, this is one of the best utilities I have found for putting my crypto to use in my day-to-day life. So the title of the article remains - Why are you not using this card yet?
Seriously, I'm curious. Comment down below what your reasons for not doing it are! And if you would like to start using them, feel free to use my referral code to get $25 in BTC ! https://nexo.com/ref/zmkvbtuo41?src=android-link
