What is Nexo (NEXO)?
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| Nexo (NEXO) |
What is Nexo (NEXO)?
Nexo is a blockchain -Based lending platform that offers users instant deals. -backed cryptocurrency loans Users deposit accepted tokens - such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) - as collateral to get a loan in the form of fiat currency or stablecoin.
Nexo has a native NEXO token which, when locked in the platform, offers users benefits such as discounts on accumulated interest on loans. and the opportunity to receive interest payments on deposits Token holders also receive dividends from Nexo profits.
This project was first announced in December 2017 and launched in April 2018.
Who is the founder of Nexo?
Nexo was founded by a team of financial experts and crypto enthusiasts who have turned to blockchain to create the crypto equivalent of the established services in traditional finance. But so far it doesn't exist in digital finance - borrowing against the value of your assets while retaining ownership. In 2018, the team launched the Nexo platform, offering the world's first crypto credit line that allows holders of cryptocurrencies. Digital assets receive fiat and stablecoin loans from their cryptocurrencies. And thus laying the foundation of the digital lending channel.
The group behind Nexo has over 30 years of combined experience in financial services. This includes non-crypto lending, investment banking, mergers and acquisitions. and hedge funds, with co-founder and managing partner Antoni Trenchev , who Experienced in financial law and in KYC and AML solutions.
Trenchev, who serves as the public leader at Nexo, has a history of advocating for the wider adoption of blockchain and crypto. In particular, served as a Member of Parliament in the Bulgarian Parliament from 2015 to 2017, where he promoted the adoption of blockchain solutions in government e-services, as well as frequently commenting on crypto and digital current events related to cryptocurrencies. Finance to mainstream media including Bloomberg , The Independent and CNBC.
Nexo currently serves more than a million users in 200 jurisdictions, managing over $4 billion in assets. The company currently employs 150 people, with management based in London.
What makes Nexo unique?
According to the documentation , Nexo is the first ever Providing services of loans cryptocurrency It was immediately supported and intended to address inefficiencies in the credit market. The automated lending process uses Smart contracts and forecasts on the Ethereum blockchain to manage loans. After a user transfers the cryptocurrency to a Nexo-controlled wallet, Oracle creates a loan and the user is instantly allocated funds. When a user makes a deposit to pay off a loan, Oracle returns the cryptocurrency and records the transaction on the blockchain. Smart contracts are used to drive NEXO and record user balances.
Nexo markets to retail and institutional investors. Cryptocurrency Company Exchanges, miners and others that need liquidity from their assets. The company profits from the interest accumulated on loans. It also provides institutional credit and consulting services.
Nexo continues to try to build a user base of its customers who use this platform and continue to invest in NEXO. As such, the company announces a loyalty program that rewards people who keep Nexo in their accounts, giving them a special interest rate on Nexo. borrowing money and higher rates of return in Nexo Savings also distributes 30% of the profits to NEXO token holders in the form of dividends.
How many Nexo (NEXO) coins are in circulation?
Nexo has a fixed supply of 1 billion tokens. Of these, the supply is allocated in the following manner:
- 250 million NEXO (25%) for company overdraft under a 12-month grant period with a six-month cliff
- 112.5 million NEXO (11.25%) for founders and staff Under the 48-month quarterly grant period
- 60 million NEXO (6%) for community building and air campaigns under a quarterly grant period of 18 months
- NEXO 52.5 million (5.25%) for consultants Legal and marketing costs, subject to a 12-month license period.
- Sold NEXO 525 million (52.5%) to investors.
While Nexo initially planned to launch a presale and master token sale, it later canceled the public sale due to the overwhelming interest from private sales investors.
In October 2020, the company announced that it had launched a “Nexonomics” project to drive tokens and increase the value of NEXO. The company revealed that it would buy back $12 million worth of NEXO.
How secure is the Nexo network?
Nexo is a private company, therefore responsible for network security and user funds. Nexo stores digital assets with BitGo, a crypto custodian that keeps tokens in cold storage wallets and is protected. By its $100 million insurance policy in November 2019, Nexo reported that it was ISO/IEC 27001:2013 certified after being audited by RINA and the Consortium for IT Software Quality.
NEXO's native token is an ERC-20 token issued on the Ethereum blockchain, meaning on-chain NEXO transactions are monitored and secured by the Ethereum core network using an algorithm. Consensus of Ethash proof-of-work Miners compete against each other to add new blocks to the blockchain. And most nodes in the network will need to validate logs to post.
At launch, Nexo reported that the tokens were received. "The investigation is complete," In November 2019 the smart has been verified by independent by Castillo Network, which found no significant safety issues.
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