Still, over $1.5 million worth of NEXO is traded on a daily basis on cryptocurrency exchanges like Hotbit and HitBTC.

They’re labeled as “ restricted securities ,” which, as you can imagine, come with a few restrictions. This is something we’ll discuss more in a minute, but understand that NEXO “securities” tokens aren’t registered with the SEC. The NEXO token is marketed as “SEC-Compliant” using Securities and Exchange Commission Regulation D Rule 506(c). Using NEXO to repay loans results in a lower interest rate (50 percent less, according to the team ) and other discounts, while larger balances unlock higher loan limits. To date there has been one distribution, on December 15, 2018. The dividends are paid in a currency of their choosing. NEXO token holders receive a dividend of 30 percent of company profits, divided proportionately by token balance. During this time a hard cap of 525,000,000 NEXO was distributed, raising approximately $52,500,000 worth of BTC and ETH. NEXO was initially distributed through a February 2018 airdrop, March 2018 ICO pre-sale, and April 2018 ICO token sale. The peak price so far was $0.536074 on May 7, 2018. The total supply of Nexo is 1,000,000,000 NEXO. We’re also going to talk about where these loan options fit in the general loan market.īut first, let’s review the market performance of the native NEXO cryptocurrency token. A variety of loan options are available that we’ll discuss in more detail in a minute. Payments can be made in USD, EUR, BTC, ETH, and NEXO. Nexo supports over 20 cryptocurrencies, including Bitcoin, Ethereum, XRP, Cardano, Monero, Binance Coin, and more. SALT Lending and Nexo are first to market. Using cryptocurrency assets to collateralize loans is a great way to bypass the tax consequences of selling. New loan types are popping up all the time, like the purchase financing loans offered by Wayfair and Casper to their ecommerce customers through Affirm. Another 2.5 million people every year take out auto title loans, collateralized by the title of their vehicles, according to Pew Research. Īnd then there are payday loans, a $9 billion business with a national average annual percentage rate of nearly 400 percent. And Experian reports the average new vehicle loan in the U.S. Mortgages (loans collateralized by real estate) sum up to $14.9 trillion, a large fraction of the US GDP of $19.4 trillion. Student loans, for example, account for $1.48 trillion in debt. The NEXO token is an ERC-20 interest-bearing security token which the company markets as “SEC-Compliant.” Loan details are established by the Nexo Oracle and stored in an Ethereum smart contract. Users deposit supported cryptocurrency coins and tokens into a Nexo wallet and receive an instant cash loan in either USD or EUR.

Nexo is a blockchain-based, cryptocurrency-backed loan system created by European FinTech company Credissimo.

Nexo token