Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. Users deposit an accepted token — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) — as collateral to receive a loan in the form of a fiat currency or stablecoin.
Nexo has a native token, NEXO, that when locked in the platform grants users benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. Token holders also receive dividends from Nexo’s profits.
The project was first announced in December 2017, and it launched in April 2018.
Nexo (NEXO) is an ERC-20 token based on the Ethereum blockchain. Therefore, any hardware wallet that supports Ethereum and ERC-20 tokens should be compatible with Nexo. Here are some popular hardware wallets that support Nexo:
Ledger Nano S: The Ledger Nano S is a popular hardware wallet that supports Nexo. It is a compact device that can store multiple cryptocurrencies, including Nexo, in a secure offline environment.
Ledger Nano X: The Ledger Nano X is another hardware wallet from Ledger that supports Nexo. It offers additional features such as Bluetooth connectivity and a larger screen compared to the Ledger Nano S.
Trezor Model T: The Trezor Model T is a hardware wallet that supports multiple cryptocurrencies, including Nexo. It has a touchscreen display and supports passphrase encryption for additional security.
KeepKey: KeepKey is a hardware wallet that supports Nexo and other cryptocurrencies. It has a large screen for easy navigation and supports passphrase encryption for added security.
It is important to note that hardware wallets are the most secure way to store your Nexo tokens as they offer offline storage and are less vulnerable to hacking attempts compared to software wallets.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Nexo (NEXO) is an ERC-20 token based on the Ethereum blockchain. Therefore, any software wallet that supports Ethereum and ERC-20 tokens should be compatible with Nexo. Here are some popular software wallets that support Nexo:
MyEtherWallet (MEW): MyEtherWallet is popular web-based wallet that supports Nexo and other ERC-20 tokens. It allows users to create and manage multiple wallets and supports hardware wallet integration for added security.
MetaMask: MetaMask is a browser extension wallet that supports Nexo and other ERC-20 tokens. It can be used with popular web browsers such as Google Chrome and Firefox and offers additional features such as decentralized application (dApp) integration.
Trust Wallet: Trust Wallet is a mobile wallet that supports Nexo and other cryptocurrencies. It offers a user-friendly interface and supports hardware wallet integration for added security.
Atomic Wallet: Atomic Wallet is a multi-currency desktop and mobile wallet that supports Nexo and other cryptocurrencies. It offers built-in atomic swaps and supports hardware wallet integration for added security.
It is important to note that software wallets are generally less secure than hardware wallets as they are more vulnerable to hacking attempts. Therefore, it is recommended to use a hardware wallet for storing large amounts of Nexo tokens and use a software wallet for day-to-day transactions.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Nexo software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Once you decide on an exchange, open an account and buy your Nexo. Make sure to withdraw the Nexo from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).
Nexo was founded by a team of finance professionals and crypto enthusiasts, who turned to blockchain to create the crypto equivalent to a service well established in traditional finance, but hitherto non-existent 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 lines that allowed digital asset holders to obtain fiat and stablecoin loans against their cryptocurrency, and thus setting the foundations of the crypto lending niche.
The collective behind Nexo has a combined experience of over 30 years in financial services, including non-crypto lending, investment banking, mergers and acquisitions, and hedge funds, with Co-founder and Managing Partner Antoni Trenchev additionally contributing with experience in Finance Law and in KYC and AML solutions.
Trenchev, who has acted as the public face of Nexo’s leadership, has track record in advocating for wider blockchain and crypto adoption, notably serving as member of parliament in Bulgaria’s National Assembly from 2015 to 2017, where he promoted the implementation of blockchain solutions for e-government services, as well as frequently commenting on crypto and digital finance-related current events to mainstream media, including Bloomberg, The Independent, and CNBC.
Nexo currently services over million users across 200+ jurisdictions, managing over $4 billion in assets. The company currently has 150 employees, with its management based in London.
Nexo (NEXO) is a cryptocurrency that powers the Nexo platform, a leading crypto-backed lending platform that allows users to borrow fiat currency against their cryptocurrency holdings. Here are some factors that make Nexo unique:
Crypto-backed lending: Nexo is one of the first platforms to offer crypto-backed lending services. Users can deposit their cryptocurrency holdings as collateral and borrow fiat currency at low-interest rates without the need for credit checks.
Instant credit: Nexo offers instant credit lines to its users. This means that users can get access to their funds instantly without the need for a lengthy approval process.
High loan-to-value (LTV) ratio: Nexo offers a high LTV ratio of up to 90%, which means that users can borrow more fiat currency against their cryptocurrency holdings compared to other lending platforms.
Earn interest on crypto holdings: Nexo allows users to earn interest on their cryptocurrency holdings, including Bitcoin, Ethereum, and Nexo, through its platform. This provides users with an additional source of passive income.
Nexo token benefits: Nexo token holders can enjoy additional benefits, such as discounted interest rates on loans, higher interest rates on crypto savings, and dividend payouts.
Overall, Nexo’s unique features make it an attractive platform for crypto investors and traders who want to leverage their cryptocurrency holdings for fiat currency loans or earn interest on their crypto assets.
Nexo has a fixed supply of 1 billion tokens. Of this amount, the supply was allocated in the following manner:
While Nexo initially planned to have a public presale and main token sale, it later canceled its public sales due to an overwhelming amount of interest from investors in its private sale.
In October 2020, the company announced that it was launching “Nexonomics” initiative to drive its tokenomics and increase the value of NEXO. The company subsequently revealed that it would buy back $12 million worth of NEXO.
Nexo is a privately owned company and, as such, is responsible for the security of its networks and user funds. Nexo stores its digital assets with BitGo, crypto-asset custodian that keeps tokens in cold storage wallets and is covered by a $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.
Its native token, NEXO, is an ERC-20 token issued on the Ethereum blockchain, meaning that any on-chain NEXO transactions are validated and secured by the Ethereum mainnet using its Ethash proof-of-work consensus algorithm. Miners compete among each other to add new blocks to the blockchain, and majority of all nodes in the network must validate a record for it to be posted.
Upon its launch, Nexo reported that its token had been “fully audited.” In November 2019, the smart contracts were independently audited by Castillo Network, which found no critical security issues.