In the recent article, we have looked into the features and the benefits of Celsius Network. Nexo is similar to the Celsius Network in some way but it also facilities users with additional features that are not available in the Celsius Network. In this article, we will look at those features of Nexo and the created opportunities that you can utilize for your benefit. So let's dive into it...
What Is Nexo?
Let's start with answering the basic question, what is Nexo? So the Nexo is an all-in-one centralized platform where users can store their cryptocurrencies as well as fiat currencies and earn interest over them without locking for any certain period or can borrow stablecoins or major fiats against their crypto holdings. It is a very well-known platform in the space and has some of the major partners like Terra, brave, BitGo, Ledger, and many more. Along with top partners, it is also a member of top global communities including ITSA, Swiss FinTech, EFA, and some others. With this level of partnerships and memberships, Nexo is one of the trustworthy platforms in the Centralised space.
Features & Services
Now we have seen the credibility of Nexo in the crypto and FinTech space let's have a look at some of the main features of Nexo which makes Nexo a leading CeFi all-in-one platform.
Interest Account
The interest account is the main feature of Nexo. Here you can earn interest over your crypto assets as well as some major fiat currencies. For now, you can earn interest on 35 currencies. The distribution is as follows:
Cryptocurrencies: 25 + 1 (PAX Gold)
Stablecoins: 6
Fiat: 3 (USD, EUR, GBP)
Interest rates are competitive to the market and a user can earn extra with the locked percentage by earning interest in NEXO (native coin) token or by increasing its loyalty.
Borrowing (Lending)
A user can borrow stablecoins against their crypto holdings at as low as 0% interest rates. The available Loan-to-value (LTV) ratio is what makes Nexo borrowing most attractive to the traders as well as large investors. For stablecoins 90% is LTV and for Bitcoin and Ethereum it's 50%.
NEXO Token & Loyalty Levels
Nexo has its native token with the ticker NEXO. The utility of tokens resides in the platform itself. You can hold NEXO and earn interest over it as well as enjoy the higher loyalty level bonuses. Currently, Nexo has four loyalty levels Basic, Silver, Gold, and Platinum. The loyalty level of a user is determined by the ratio at which he/she holds NEXO tokens to other assets. A higher loyalty level gets you higher benefits such as an increase in earning interest rates, decrease in borrowing interest rates, more free monthly withdrawals, higher cash back, and more. You can check the bonuses of each loyalty level in the picture below.
Exchange
Along with the interest and lending services Nexo also provides an in-built exchange service. A user can exchange one crypto to another through the exchange and can also buy cryptocurrencies via credit cards. With the higher loyalty levels, a user can also earn nice cashback on the exchanges. One more important thing is there is no limit on the exchanges.
Nexo Card
Nexo also provides nexo cards to some of the regions. A user can earn up to a 2% instant discount on the transactions made by Nexo card. It is a widely accepted card, Nexo platform claims that it is accepted in more than 40 million merchants worldwide and there are no monthly, annual, or inactivity fees.
Conclusion
The rise of Centralised Finance service providers like Nexo and Celsius Network is helping the mass adoption of crypto. With the easy-to-use features and easy availability, it largely helps onboarding people to the crypto. But with the use of CeFi platforms, brings counter-party risks and makes governments more control over them than the users themselves.
Referral Link: Register on Nexo, Deposit & maintain $100 of balance for one month and get $25 in Bitcoin.
Hope you found this article informative and learned some features about Nexo. Do share your opinion on this article and on the Nexo platform.
