Over the last seven days, NEXO (NEXO) has risen more than 70% and slipped into the top 100 coins.
Currently, the finance token traded 22.1% higher against the dollar during the last 24 hours. Nexo has a total market cap of $60.17 million and approximately $3.47 million worth of Nexo was traded on exchanges in the last 24 hours. One Nexo token can now be purchased for about $0.11 or 0.00001640 BTC on major cryptocurrency exchanges.
NEXO is a blockchain-backed loan provider that has market validation and even happens to be embedded on coinmarketcap.com in the “get a loan” tab for each searchable coin.
Find out when NEXO reaches critical levels. Sign up for push notifications to hear about every new article on economicgazette.com.
NEXO raised $52M in funding before launching and the company is starting to provide instant loans for many crypto traders who are looking for fast cash. The process starts with an account verification, depositing coins and then a loan amount is calculated based on the users crypto assets.
Depending on the type of assets, the loan-to-value (LTV) ratio ranges from 20% to 50%. Example: If you stake $10,000 worth of BTC, you will be able to withdraw an instant loan of approximately $5,000, i.e an LTV of ~50%. If you place a mix of assets, the LTV ratio will be determined proportionately. In addition to instant USD and EUR loans, Nexo customers can also borrow instantly in Tether (USDT) which they can then exchange for a preferred cryptocurrency and/or convert into fiat easily. And, according to the company, theAPR starts at 8% (when repaying using NEXO Tokens) and is capped at 16%, still much lower than the average credit card rate. Interest is charged only on what you use and for the days you borrow.
The company is working to bring aboard an FDIC-insured bank along with adding more coins to its collateral asset portfolio.