What Is Nexo?
Nexo is a centralized lending platform owned by Credissimo, a publicly traded fintech company based in the European Union. It allows users to capitalize on the value of their crypto assets, with a user base of over 4 million across more than 200 jurisdictions.
Background
Established in 2007, Credissimo launched Nexo to cater to crypto investors who wish to earn interest or borrow against their digital assets. Nexo’s native utility token, NEXO, provides users various incentives, such as rewards on card purchases and lower borrowing rates.
How It Works
Nexo provides a fully automated web interface and mobile application. Users can deposit their crypto assets as collateral to earn interest or borrow crypto assets against their collateral. The platform uses smart contracts and an oracle on the Ethereum blockchain to manage loans. When users transfer their cryptocurrency to a Nexo-controlled wallet, the oracle creates the loan and instantly allocates the funds to the user.
Key Takeaways
- Nexo is a centralized lending platform that enables users to capitalize on the value of their crypto assets, boasting over 4 million users across 200+ jurisdictions.
- Credissimo, a publicly traded fintech company established in 2007 and based in the European Union, owns the platform.
- Nexo’s native utility token, NEXO, offers users various benefits, including rewards on card purchases and lower borrowing rates.
- Users can deposit their crypto assets as collateral on Nexo to earn interest or borrow crypto assets against their collateral.
- Nexo uses an automated web interface and mobile application, using smart contracts and an oracle on the Ethereum blockchain to manage loans.
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