Nexo is a cryptocurrency lending platform in which users can deposit their cryptocurrency and receive instant fiat loans backed by the cryptocurrency that they have deposited. The platform allows liquidity to cryptocurrency holders without the need for the user to sell their coins and forgo any future increase in value. Once the user has paid back the fiat loan, they retain the ownership of their tokens.
In this article, you will find a list of all of the Nexo partnerships as of 2020. If I have missed any out please let me know in the comments below and I will be sure to add them.
Also, don't forget to check my previous partnership lists on PUNDI X, NANO, and VERGE.
List Of Partnerships, Collaborations, & Integrations
- Onfido
- Binance Coin
- UTRUST
- CENTRE
- XRP
- TrueUSD
- Litecoin
- BetProtocol
- Terra
- Stellar Lumens
- Liquid
- PAX Gold
- FIO
- EOS
- Bitcoin Cash
Partnerships, Collaborations, & Integrations In Detail;
1. Onfido
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April 2018: Nexo entered into a strategic partnership agreement with Onfido, a leading identity verification provider who works with clients as large as Google, HSBC, Coinbase, and Revolut. Nexo entered this partnership to utilize the Onfido verification engine that keeps its operations with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
This integration will allow Onfido to handle the KYC/AML process of onboarding Nexo users without sacrificing the user-friendliness of the platform. Onfido will provide document and facial checks for Nexo by using their Machine Learning technology to provide near-instant verification for users.
2. Binance Coin
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May 2018: Nexo announced that they would be integrating the Binance Coin into their platform. This now allowed users to use BNB in order to receive crypto-backed loans in fiat. Users would simply have to deposit their BNB to get an instant loan from the Nexo platform.
Nexo decided to add BNB after a poll revealed that the coin was a preferred coin in crypto investing. Furthermore, the Nexo team noticed that there was a large overlap in the customer base of both projects and therefore decided to integrate BNB into their platform and enhance the usability of both projects.
3. UTRUST
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April 2018: Nexo revealed that they had signed a partnership with UTRUST, the world’s first cryptocurrency payment platform with Buyer Protection and Instant Payments. UTRUST has often been dubbed as the PayPal of cryptocurrency and their partnership with Nexo takes this labeling to the next level.
The partnership involves UTRUST integrating Nexo’s instant loan solution on its platform. This will enable crypto holders to make delayed payments on purchases through the UTRUST infrastructure - almost like PayPal Credit.
Users on UTRUST will simply have to deposit their cryptocurrency with UTRUST and they will be provided a crypto-backed loan in fiat against their deposit. This will allow them to pay the merchant and retain ownership of their cryptocurrency once the loan has been repaid.
4. CENTRE
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October 2018: Nexo entered into a partnership with CENTRE, a stablecoin company that acts as a regulator for issuers of the USDC stablecoin. CENTRE is backed by Circle Internet Financial Ltd and is also partly owned by the global investment bank Goldman Sachs.
The partnership will involve Nexo integrating the USDC stablecoin into its platform to allow its users to be able to take out crypto-backed loans in the form of USDC. This adds stablecoins to the mix of different fiat-based loans that users can take out with cryptocurrency as collateral to back the loan.
5. XRP
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October 2018: Nexo announced that it had integrated the third-largest cryptocurrency, XRP, into its platform. This now allows Nexo users to deposit XRP in order to get a fiat loan that is backed by their XRP as collateral. Nexo was actually the first-ever project to accept XRP as collateral for crypto-backed loans within the industry.
This integration now gives XRP holders the option to take out loans against their XRP without the need for them to sell the asset and forgo any future increases that the asset may undergo. Nexo added XRP as a result of the community voting for this in a poll conducted by the team.
6. TrueUSD
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December 2018: TrueUSD announced that it had selected Nexo as its official lending partner. The two projects agreed to a partnership that would see TrueUSD being available on the Nexo platform as both a collateral option to receive crypto-backed loans and also as a repayment option for the instant crypto loans.
Nexo users can deposit TrueUSD and borrow against it with a 95% Loan-to-Value (LTV) ratio which means that for every $1000 of TrueUSD deposited users are able to get a $950 loan which is very high compared with other collateral options.
Furthermore, holders of TrueUSD can earn up to 6.5% interest per year on the asset with 1-to-1 convection protection guaranteed by Nexo.
7. Litecoin
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March 2019: Nexo announced that they would be integrating Litecoin into their platform. It was a result of an on-going community poll in which Nexo users voted on which cryptocurrency they would like to see on the platform next.
With this new integration, LTC holders are able to borrow instant fiat loans backed by their Litecoins. This allows users to receive cash from their LTC without the need to sell them. Users regain control of their LTC once the loan has been repaid.
This is also great for the LTC market as it provides a service in which LTC holders can still get cash from their assets without selling them on the open market, resulting in a reduction of the selling pressure for Litecoin. Furthermore, users can also earn interest on their LTC by lending them out to the platform at a rate of 6.5% per year.
8. BetProtocol
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May 2019: Nexo announced that its platform will be fully integrated with BetProtocol to enable every betting operator in the BetProtocl ecosystem to get liquidity in over 45 fiat currencies without having to sell their cryptocurrency. BetProtocol provides the technology to betting operators and their ecosystem has over $100 million per month in betting volume.
The majority of betting operators have large crypto holdings on their books. Usually, they have to sell these holdings in order to get fiat to pay for licenses, marketing campaigns, and pay their non-crypto suppliers. The integration of Nexo now provides a route for these betting operators to receive liquidity against their crypto assets without the need for them to sell the cryptocurrency.
Furthermore, betting operators will also benefit from the fact that there is no taxable event in taking out a crypto-backed loan as it is when they sell their cryptocurrency in the form of capital gains.
9. Terra
(SOURCE)
July 2019: Nexo entered into a strategic partnership with Terra, a next-generation blockchain-based payment system. This strategic partnership will see the addition of Terra as another option for collateral on Nexo’s instant credit lines, allowing Terra holders to gain crypto-backed loans by depositing the cryptocurrency within their Nexo accounts.
Furthermore, the partnership also sees the offering of a high-yield savings program with Terra. By placing Terra into their Nexo accounts for savings, users will benefit from a high-interest rate of up to 8% per year on their crypto holdings - much higher than the traditional savings rate. Additionally, Terra will fund this further through its seigniorage model to allow Terra holders to enjoy double-digit savings returns.
This is a particularly important partnership as it allows over 1 billion unbacked people across Asia to have access to loans that were previously never available to them.
10. Stellar Lumens
(SOURCE)
July 2019: Nexo announced that they would be integrating XLM into their platform. This now allows XLM holders to get crypto-backed loans against their XLM in the form of fiat, removing the need for holders to sell their holdings if they ever needed cash. Users can also benefit from lending rates as they would earn interest when they lend XLM to the platform.
11. Liquid
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July 2019: Nexo announced its partnership with Liquid, a crypto trading platform, to integrate the GRAM token into the Nexo platform. The GRAM token sale was organized by Liquid themselves and this partnership would see the Telegram token, GRAM, being integrated into the Nexo platform to offer GRAM holders a method getting cash for their cryptocurrencies without selling the asset in the form of a crypto-backed loan.
12. Pax Gold
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September 2019: Nexo announced that they would add the NYDFS-regulated Pax Gold as a form of collateral to get Instant Crypto Credit Lines.
PAX Gold is an Ethereum based asset that represents a physical amount of goal that is held in the London vaults of Brink. This partnership gives gold investors the opportunity to get loans on their gold through the Nexo platform.
Furthermore, Nexo also announced that they would add PAX Gold on its Earn Interest product to allow PAX holders to earn up to 8% per year in interest on their gold holdings.
13. FIO
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November 2019: Nexo became a member of the FIO, the Foundation Of Interwallet Operability. FIO is intending to create a standard decentralized service layer for blockchains which will process messaging, workflow and communication between different wallets, exchanges, and platforms.
It is basically a second layer protocol that allows for interoperability between different types of blockchains. Nexo became the first project to enter the FIO that was not a wallet or an exchange.
14. EOS
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December 2019: Nexo announced that it had integrated the EOS cryptocurrency into its platform to allow EOS holders to get crypto-backed loans without the need for them to sell their assets.
15. Bitcoin Cash
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December 2019: Nexo also announced that it had integrated Bitcoin Cash into its platform, granting BCH holders the option to gain crypto-backed loans in fiat against their BCH holdings.