Crypto financial services go beyond trading digital assets. Nexo is a unique platform that resembles something you would see in mainstream finance and investment circles. BC.Game lists the NEXO token for crypto gambling enthusiasts to participate in this ecosystem. The service providers have had mixed fortunes in 2022. Some, like exchange service Celsius, have taken a beating from the bearish markets. Notably, others like Nexo are holding out better and even looking to acquire some ailing firms. This contrast in fortunes highlights these entities’ different working models and focus. Let’s find out what Nexo is all about.
NEXO Overview
Crypto lending has taken off in the past five years. It has since grown into one of the largest crypto lending platforms today. Nexo is one of the leading lights in this sector as a robust crypto lending and interest account platform. Antoni Trenchev, Georgi Shulev, and Kosta Kantchev founded the company in 2017. This team combined their years of experience in Fintech services and technology to create a robust crypto lending platform. Nexo aims to replace traditional banks in the digital asset space. It uses a model where users can lend their cryptocurrencies and acquire loans. Users can access instant crypto-backed loans, and Nexo has grown globally into one of the largest crypto-lending platforms.
Additionally, the platform allows users to deposit and earn interest on their crypto assets. These interest-earning accounts enable users to access credit without depending on traditional credit score models. Accordingly, one can borrow cash or stablecoins. This platform promotes financial equality, a crucial aspect of Fintech services. This platform leverages blockchain technology for transparency in its operations. The blockchain also makes processing Ethereum smart contracts possible, a crucial aspect of tokenized operations.
Nexo Features
- Quick sign-up – Users create an account within minutes where they can deposit fiat or crypto into the created account. The sign-up process involves some bit of disclosure for KYC purposes.
- Straightforward layout – the Nexo interface is easy to navigate, especially for new users. Users can quickly gain an overview of their funds and liabilities.
- Two-factor authentication – This feature is necessary for security purposes to limit the risk of account breaches.
- Automatic interest calculation – When users deposit funds, the platform automatically calculates interest daily and deposits the proceeds to the user’s account.
- Automatic notifications – Users get in-app notifications of interest deposited. You don’t have to wait for monthly notifications to see how compounding works.
How to Platform Protects User Funds
Nexo manages assets for millions of users in hundreds of jurisdictions. Cryptocurrencies pose a particularly lucrative target for hackers because the funds can be stolen remotely with little recourse for the victims. Therefore, managing such significant amounts of crypto calls for extra vigilance. Notably, Nexo has partnered with crypto custodial solution BitGo to store funds securely. This custodian solution offers specially tailored services for better security. Custodial solutions employ a range of encryption techniques to keep hackers at bay. BitGo also employs cold wallet storage and multi-signature wallet encryption for additional security. Using offline storage ensures that Nexo limits losses even when hackers breach the platform.
Additionally, Nexo uses a range of insurance covers for its services. The protections cover circumstances, including a doomsday scenario of multiple points of failure. These measures are necessary for a platform with billions of dollars under management. Few platforms offer the kind of security setup Nexo deploys. Anyone who has followed cryptocurrency platform breaches in recent years would appreciate the need for such robust protections.
The NEXO Token
This platform has a native token (NEXO). NEXO is crucial because it is how the platform shares dividends with loyal customers. The token facilitates the payment of dividends, and this utility places it at the core of the platform’s operation. NEXO holders have additional benefits, such as earning high APR for stablecoin and fiat deposits. The competitive interest rates on deposits make it a decent token option for crypto enthusiasts. The platform shares about 30% of the net profit with NEXO token holders. Therefore, there is a benefit to holding and lending this token, besides the other services available on Nexo.
NEXO Looking To Expand In a Sluggish Market
The entire crypto market has experienced a difficult few months. After a dramatic bull market in 2021, the market has seen drastic declines in cryptocurrency prices and trading platforms’ fortunes. Platforms like Celsius have borne the brunt of this rout, with the famous crypto exchange filing for bankruptcy. Nexo has also experienced a notable decrease in user deposits, perhaps indicative of overall caution in the market. Nexo has avoided panic-inducing moves such as freezing deposits. As other firms struggle, Nexo is looking to expand its footprint. Nexo leadership is exploring possibilities such as acquiring assets from the likes of Celsius and Vauld. Such potential acquisitions are complicated in a terrible market. However, they indicate a robust platform because it looks to expand when others are clutching on straws.
NEXO is now listed on BC.Game
Over time, Nexo has created a strong presence in the crypto interest account space. The competitive rates for stablecoins, crypto, and fiat deposits continue to attract users. Those seeking to earn interest in their crypto holdings can explore this option. Its ease of access and operation makes it a continued attraction. BC.Game has listed NEXO to give users a glimpse into this world of crypto lending. Expanding access to financial services is a common goal in this era of blockchain innovation. This listing will help further this shared vision.
