Nexo Finance and the NEXO token
Nexo Finance combines professional traditional financial services with a digital platform using cryptographically secure blockchain technology. The Nexo cryptocurrency ecosystem offers a holistic service that extends from lending to obtaining competitive interest rates.
In addition, the platform introduces the Nexo card, a cryptocurrency debit card that offers cashback on every purchase. Native NEXO token holders receive exclusive loans and interest rates varying between four tiers.
In this article, we take a look at the Nexo crypto ecosystem and explore the variety of products and services offered. We will also discuss the benefits of owning a NEXO token and how users can use free assets and earn passive income.
What is Nexo Finance?
Nexo Finance is the world’s leading digital financial institution offering a suite of financial technology services. Nexo Finance uses blockchain technology, aiming to combine professional financial services and digital cryptocurrency assets, thereby introducing innovative solutions to improve the traditional financial sector.
Using a native NEXO token, users of the Nexo Finance platform receive exclusive discounts on loan rates. In addition, NEXO token holders can earn additional income from the funds in their personal Nexo wallet. Nexo Finance has received tremendous recognition from millions of users.
As a global digital lending institution, it has user operations in 200 jurisdictions with more than 40 different fiat currencies.
NEXO token
The NEXO token uses the Ethereum ERC-20 token standard and is fully transparent on the Ethereum blockchain. Transparency is the core value of Nexo Finance. Therefore, users can view the contract address of the token, and its “movements and actions” using Etherscan. Owning a NEXO token opens up many opportunities on the Nexo Finance platform.
The NEXO token plays a crucial role in the Nexo Finance loyalty program, which rewards NEXO token holders based on the percentage of NEXO tokens in the balance of the entire Nexo wallet. The loyalty program is divided into four levels (basic, silver, gold, and platinum). Below, we’ll take a closer look at each level.
Basic (NEXO tokens make up 0 to 1% of your portfolio in your wallet)
- Up to 5% APR on cryptocurrency
- 8% APR on Stablecoins
- Interest rate 13.9%
Silver (NEXO tokens make up 1 to 5% of your wallet portfolio)
- Up to 5.25% p.a. on cryptocurrencies
- 8.25% APR on stabelcoins
- Interest rate 12.9%
Gold (NEXO tokens represent 5 to 10% of your wallet portfolio)
- Up to 5.5% p.a. on cryptocurrencies
- 9% APR on Stablecoins
- Interest rate 8.9%
Platinum (NEXO tokens make up more than 10% of your portfolio in your wallet)
- Up to 6% p.a. on cryptocurrency
- 10% APR on Stablecoins
- Interest rate 6.9%
All NEXO tokens in a user’s Nexo account will earn interest, even if they are in a line of credit, savings wallet or used as collateral. In addition, users can earn an additional 2 percent of their interest rates if they want to earn interest in NEXO tokens.
In addition, Nexo Finance’s loyalty program offers up to five “free cryptocurrency withdrawals per month to an external wallet.” In addition, the platform offers free fiat withdrawals and transfers of fiat or cryptocurrency funds to a wallet.
Nexo Finance products and services
Nexo Finance is a one-stop store for all digital finance needs. Whether you want to take out a loan backed by cryptocurrency, earn interest on idle assets, or get cashback for expenses, Nexo Finance can provide it all. Below we discuss the different elements of the Nexo Finance ecosystem and the services available to users.
Nexo Crypto Exchange
Nexo Finance offers easy fiat entry for users unfamiliar with cryptocurrency. With a user-friendly graphical user interface (GUI), Nexo Finance offers the ability to invest in cryptocurrency using Visa and Mastercard credit and debit cards.
With support for more than 40 different fiat currencies, investing in assets such as Bitcoin, Ethereum and NEXO becomes very easy. In addition, because of the no wait time, instant transaction confirmation and 18 instant purchase assets to choose from, Nexo Finance is quickly becoming a popular choice for technology novices who are just starting to build a portfolio of cryptocurrency assets.
In addition to Nexo Finance’s instant purchase, the platform also offers a crypto exchange. As of this writing, the Nexo cryptocurrency exchange has more than 150 trading pairs. It also offers “fixed-price executions.” This means that when an order is placed, the price of the assets will remain the same, and does not fluctuate with the market.
Users of some other exchanges may see price fluctuations of up to 5% when completing a transaction. Nevertheless, Nexo Finance guarantees that the price you see is the final price.
In addition, when using Nexo crypto exchange, Nexo Finance uses an intelligent routing system that can simultaneously communicate and calculate the best deals with 10 leading crypto exchanges . Nexo Finance really prides itself on offering its users the best deals and prices.
Nexo Staking
Nexo Finance offers competitive yields and interest rates for staking various assets in Nexo Wallet. The project aims to provide users with a reliable source of passive income. All users need to do to start earning daily interest is to simply fund their account.
In addition, Nexo Finance offers zero deposit, withdrawal and storage fees. With Nexo FLEX, users can get instant access to the interest earned on their funds through Nexo’s daily payouts. Withdrawals can be made at any time.
In addition, Nexo Finance offers flexible earning rates with bonus interest amounts for fixed terms. Lock in idle assets for 3, 6 or 12 months with the Nexo Finance platform to earn some of the most competitive interest rates in the industry.
Nexo Finance users can earn up to a 12% annual percentage yield (APY) on NEXO Stablecoins and tokens. In addition, for a limited time, Nexo Finance is offering 17% APR on Polkadot shares (DOT) on the platform. With high-level cryptographic security, users have full control over their funds at all times.
Nexo Crypto Loans
Nexo Finance offers users the ability to borrow using their crypto assets as collateral. The platform provides automatic approval with no credit check. Users can deposit their cryptocurrency and borrow between $50 million and $2 million in stabelcoins, and then exchange their stabelcoins for more than 40 different types of fiat currencies.
With no monthly payments, users can repay their loan at their discretion using either crypto assets or direct deposits in fiat currency. This can then be done either through multiple partial payments or one full payment. Loan rates vary depending on the Nexo Finance loyalty program tier, from 13.9% APR for the basic tier, to 6.9% APR for the platinum tier.
Nexo Card
In addition to in-app digital financial services, Nexo Finance introduces one of its latest products, the Nexo Crypto Debit Card. Through a partnership with Visa, the Nexo card is available for use by more than 40 million users worldwide. Nexo Finance also does not charge any monthly or annual fees, or foreign exchange fees, as payments are available in the local trading currency.
The Nexo card is available in regular and virtual card form. To get a Nexo card, all you have to do is select the “Card” tab in the Nexo app. Then you just need to enter a few personal details and Nexo Finance will take care of the rest.
With a Nexo card account, users get exclusive access to other free virtual cards. In addition, Nexo cardholders receive 2% cashback on every transaction. Users can receive cashback in either Bitcoin(BTC) or NEXO tokens.
By creating a Nexo card account, users receive instant transaction confirmation notifications with the ability to freeze and unfreeze Nexo card actions with a single click. This is done to ensure card security. Users can also check their Nexo card balance at any local ATM.
The security of the network, funds and transactions is paramount to Nexo Finance. As such, they really invest in their security measures to ensure that customers have the safety of their assets and investments.
Nexo Cryptocurrency Security
Nexo Finance is aware of the risks of providing digital financial services by working with a combination of centralized and decentralized technologies.
In addition, Nexo works with partners as the leading compliance authorities to protect user funds, with rules that meet KYC and AML measure standards. This includes working with Jumio, popular because of its partnerships with companies such as HSBC, Oracle and Microsoft.
Nexo Finance says it hires experienced employees for whom “cybersecurity” is not an empty word. In addition, Nexo Finance has a collective of insurance partners protecting up to $375 million in user funds. This includes Ledger Vault and BitGo.
Nexo uses “256-bit military-grade encryption” to protect users’ vault assets. In turn, this provides full flexibility and access to funds by refraining from third-party vendors, which ensures the security of users’ assets.
In addition to the aforementioned security practices, Nexo Finance provides several additional security measures within the Nexo mobile app itself. These include biometric identification (fingerprint or facial recognition), two-factor authentication (2FA), and email and SMS text verification.
In addition, Nexo Finance will alert users each time they log in, and send email confirmations before withdrawing funds from their account. The app also uses BitGo’s enterprise solution, which provides a Level 3 Cryptocurrency Security Standard (CCSS Level 3).
Any sensitive data in the app complies with strict security and privacy laws. This is achieved through the use of Secure Socket Layer (SSL) encryption technology.
Another partner of Nexo Finance is accounting and consulting firm Armanino, enhancing network transparency. Using the Proof of Reserves assessment, Nexo Finance users will soon be able to view real-time attestation of assets under Nexo’s control.
Results
Since its inception in 2018, Nexo Finance has been one of the world’s leading providers of digital financial services. With its core values of inclusivity, efficiency and transparency, Nexo offers fully transparent and easy-to-use financial tools.
Moreover, with no credit check and an over-collateralization model, anyone anywhere in the world can take out a loan backed by cryptocurrency. This opens up many opportunities for people who have difficulty accessing traditional financial services.
Nexo Finance is fully compliant with security standards and is available in over 200 local jurisdictions. So it’s no surprise that Nexo Finance is a popular choice for individual traders and organizations. Targeting a wide demographic of users, the project offers users exclusive rates and features.
Nexo loans are fully flexible, with repayment options in various crypto or fiat currencies. In addition, without automatic loan repayment, users can choose to repay the loan over a certain period of time or as a single payment.
Nexo Finance presents a range of digital financial products and services that are more attractive, affordable and profitable than traditional alternatives.