Hello everyone! I am finally back again talking about investments and all the stuff related to it.
Today we will talk about Nexo. What is it? Oh, you're right, you may do not know it. No problems, I will explain it soon! Just continue reading the post!
What is Nexo?
Nexo is a crypto-lending site that opened in 2018 but activities up to 2016. It basically offers lendings to private users and institutions by providing collateral. Those loans do not require any declaration in the tax sheet to compile, so many people use it to take EUR/USD from BTC, which is useful to hold cryptocurrencies while spending your Euros to invest or shop something.
Those loans on Nexo are overcollateralized, which means that in order to take 20, you need to deposit at least 30/40 based on the LTV calculated by the site (Loan-to-Value). So basically Nexo won't even pay a "liquidation Team" to get up late payments. Seems too great to be true? Well, it is not, and in the next paragraph, we will know why.
What's new in Nexo this year?
Nexo introduced many new things this year, indeed it's one of the fastest-growing platforms these days, due to the fact of the features they added.
-Mastercard Card: Nexo will launch publicly in Q2-Q3 2021 his Card. No hidden fees, but a cashback! Every transaction will get 2% in NEXO Tokens (explained below) or in BTC. You can even change it just before a transaction to diversify.
-NEXO Token ecosystem: This is the main feature of Nexo. By buying NEXO Tokens you can access 30% dividends paid to investors once a year by calculating for how much time you held the tokens and the quantity of it.
-Exchange: Introduced in February, is one of the most recent features added to the list. This allows every user to swap their currencies from Bitcoin/Altcoin to Stablecoins or Euros. It's pretty useful when you need to withdraw Euros fast because they use instant bank transfers.
-Bank acquisition: This is the last news arrived just yesterday! (check it out here). This will allow Nexo to expand his business in an extremely fast way! Furthermore, we will see new products and services coming, after the card.
-Interests and loans: Okay, this seems quite discounted, but I really can't forget this! On NEXO you can earn interests by depositing your assets (BTC, Altcoins, Stablecoins, EUR/USD/GBP) and earn daily an APY up to 12%, which is one of the highest in the market.
-Flex Interests: Added during the first week of March, this allows users to lock their funds to get a higher income daily. Locked money can't be touched, so be aware when doing so.
Many people just left Nexo. Why?
This is meant as a critic to Nexo, even if i suggest it anyway, it's not intended to be defamatory or illegal acts like this.
1. NEXO Support is available and ready to help, but lately, they're really slow on managing tickets. This is obviously for the mass sign-ups they received recently, and for the features added. They should hire more people.
2. There is a lack of Public Relations (PR). Many news are announced after they're released, and this caused many people to leave also for the last thing (point 3). They should upgrade their PR Division.
3. They recently changed the interests by almost halving them. Unfortunately this decision haven't been announced before, so people were almost raging against the company.
As already said, NEXO got yesterday the license from the CFL (California Finance Lender), one of the main regulators of the US. This has put a big milestone on the story of NEXO company, and I also personally hope they will accomplish all of their objectives.
I hope you liked this post! If that's it, please tip it and leave a comment with your opinion!
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