The Might of NEXO. NEXO review
By Ronak_Sunara - 2018-12-06
AboutNexo is powered by Credissimo and is a solution to solving the lack of financing in the new digital economy by making use of blockchain technology. Credissimo is a well-established leading European FinTech Group which was founded in 2007 and utilizes innovative proprietary technologies to provide: instant online consumer loans, e-commerce financing, and bill payment services and now has 10 years of expertise in the same. Thus, Nexo has not only inherited years of expertise in financing, but also a solid team and resource base from Credissimo.Nexo is a blockchain based platform that enables its clients to enjoy the value of their crypto assets without selling them by offering “Instant crypto-backed loans” in fiat currencies such as USD, EUR etc. Thus, one can have access to instant cash as well as retain 100% ownership of their crypto assets at the same time. Cutting-edge technology, smart contract and process automation are the core of Nexo’s platform and are executed by ‘Nexo oracle’.
How does Nexo workNexo works in 4 simple steps and there is nothing complex to it. All the hard part is done by the platform and its blockchain protocol to provide flawless and great user experience.
- Transferring crypto assets to Nexo wallet:To be eligible for loan, a client must deposit crypto assets to their wallet. After receiving the relevant blockchain confirmations of respective cryptocurrency, Nexo oracle (an automated system that maintains the elements of the Nexo business processes) calculates the loan limits and instantly sets up the loan.
- Receiving of instant loan in USD or EUR:The clients can choose how and in which currency then would like to receive the cash according to their convenience. Loan limit is based on market value of crypto assets and fluctuate in accordance to the same. Presently, the loan limit is only available by bank transfer (via SWIFT, SEPA or ACH) although Nexo is planning on launching its free Nexo credit cards soon.
- Repaying of loan:Nexo is quite flexible in terms of repayment. Clients can repay their loans via fiat or via cryptocurrencies or by both. 50% discount is granted on interest rates if a client chooses to make payment by NEXO tokens. No monthly repayments are required as long as the outstanding balance is within the available loan limit.
- Withdrawal of crypto assets from Nexo wallet:Any amount exceeding the outstanding loan balance can be withdrawn at any given time. Once the loan is fully repaid, clients can withdraw all of their crypto assets from the nexo wallet to any other wallet.
Features and Advantages of Nexo
- Instant Crypto-backed loan: Nexo offers instant loan in fiat currencies by depositing crypto assets to its platform.
- Cost & tax efficient: Nexo does not incur any tax liabilities or hidden fees.
- Transparent Blockchain Contracts: This makes Nexo platform secure, trust less and transparent.
- Live Automated Platform and real-time asset monitoring: Nexo has automated and fully operation instant loan lending platform which is secured by military-grade 256-bit encryption and provides seamless user experience. Assets are continuously monitored from multiple exchanges (6+ exchanges).
- Flexible payments with no monthly minimum repayments: A client can either repay loan via fiat currency or cryptocurrencies or both. Special discounts are offered on the interest rates if a client repays loan via NEXO tokens. No minimum loan repayment is required if the outstanding loan balance is within the available loan limit.
- Nexo dividends: 30% of the Nexo’s profit is paid out as dividends to the NEXO holders. (First dividend is set to be paid on December 15, 2018)
- Nexo credit card: Nexo will soon launch and distribute its own credit cards for free with features such as: 24/7 Fraud Monitoring, State-of-the-Art Technology, Multiple Repayment Options, No Monthly/Annual Fees, Payments in Local Currencies etc.