What is Nexo and How does Nexo work?

All the latest talk on the internet has been about Blockchain and Bitcoin would have made you curious enough to search about these cryptocurrencies. And we believe that your research has brought you here. As you are curious to know more about cryptocurrencies like Nexo, stick till the end of the article to find out more about one such interesting cryptocurrency. Most people are interested in cryptocurrency from the investing point of view. Also, there is more to cryptocurrency than people realize. Although people have only recently realized the greatness and the flexibility that cryptocurrency offers to the financial world, cryptocurrency has been spreading and divulging into different areas of finance. 

Taking loans can be costly, involves third parties, and is time-consuming. However, with Blockchain and cryptocurrency entering the picture the dynamics have changed. The main reason behind the blockchain and cryptocurrency is to instil trust and remove intermediaries like banks and third parties from the lending process. This will significantly reduce the costs i.e., processing fees and the waiting time for the loan will also reduce. Another important development because of blockchain lending platforms is that the smart contracts based on the blockchain have feasible terms and conditions that both the lender and borrower agree for. The real-time contracts are recorded without the necessity of the banks and expensive lawyers. Yes, businesses can now apply for loans in mere minutes on the blockchain platform. In this article, you will be learning about one such blockchain lending platform that is offering instant cryptocurrency loans to users- Nexo. 

What is Nexo (NEXO)?

Nexo is a lending platform that is based on the blockchain. Yes, It offers loans based on cryptocurrency. Yes, in the block-chain based loans the users deposit the accepted tokens in the form of Ether (ETH), Bitcoin (BTC), XRP (XRP), Litecoin (LTC) as a security to receive a loan. The loan can be received in the form of stablecoin or fiat currency. Another interesting thing about this blockchain is that it also has a native token or cryptocurrency known as NEXO. If it is locked in the platform it will provide users with benefits such as a discount on the interest accumulated on the loans, interest payments on the funds deposited, and dividends on the NEXO profits. The Nexo is built and runs on the Ethereum network (ERC20).

Who are the founders of Nexo (NEXO)?

Nexo was founded by Georgi Shulev, Antoni Trenchev, and Kosta Kantchev back in 2017. The company is situated in the headquarters in London. The legal name of the company is Nexo Capital Inc. The CEO of this company is Antoni Trenchev and Arrington XRP Capital. The team of founders is crypto enthusiasts and finance professionals who wanted to use cryptocurrencies to provide equivalent services as traditional finance. 

Once the platform was launched in 2018, people can get loans against their cryptocurrency. This served as a groundbreaking moment as you see it has led the foundation to the crypto lending niche. The team behind NEXO has a collective experience of 30 years. Currently, the Nexo platform is offering its services to more than a million users and managing over $4 billion in assets. They have over 100 employees in their headquarters.

What is unique about Nexo (NEXO)?

Nexo in itself is the most unique platform. It is the first cryptocurrency platform that is lending loans by taking their cryptocurrency as its security. Well, won’t you agree this is unique? The primary purpose behind the creation of this platform is to answer the inefficiencies in the lending market. As you know, it provides users with instant cryptocurrency-backed loans. The process is quite safe and fast because the automated lending process works with the oracle on the Ethereum blockchain to manage the loans. 

Also, it uses smart contracts too. Once the users transfer their cryptocurrency to the wallet controlled by the Nexo, they release the funds and the users can collect them. The best thing about Nexo being it is marketed from institutional investors to miners who are interested in liquidating their assets. Another interesting thing about this platform is that it gives around 30% of its profits as dividends to the Nexo token holders.

How many Nexo (NEXO) coins are circulating?

The market rank of Nexo in the market is 100. It has a market dominance of 0.04%. It is currently circulating for $1.49. The total and the maximum supply of this cryptocurrency is 1,000,000,000 NEXO. However, the circulating supply of this cryptocurrency is 560,000,011 NEXO. The breakup of the total supply of 1 billion tokens is 

250 million – company Overdraft funding reserves

60 million- airdrop campaigns and community building

525 million- sale for the investors

52.5 million- advisors, legal costs, and marketing

11.25 million- founders and the team

How does Nexo (NEXO) work?

As you see this platform is a first of its kind. It is a platform that offers users money i.e., fiat or stablecoins against their cryptocurrency. This has revolutionized the cryptocurrency and it is also proving that these crypto-based platforms can enter the lending market too. It seems that cryptocurrency is revolutionizing the traditional finance market. This platform uses smart contracts, whenever a user deposits their cryptocurrency in the Nexo-controlled wallet they will receive the loan. Once they deposit the money to repay their loan they will receive their cryptocurrency and the Nexo will record the transaction on the blockchain. Smart contracts are the way to record user balances and Power NEXO.

Wrapping up

Nexo is another interesting blockchain and resolves the lending issues for the users in the finance market. If you own a cryptocurrency you can now easily get a loan with this platform. Are you interested in knowing more about blockchain and cryptocurrencies that are never heard before? Then head to the Zeen website We have conducted detailed research and are offering you interesting details about the world of cryptocurrency. 

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