Nexo

Nexo (NEXO) is a platform that enables its users nearly instant access to crypto-backed lending and borrowing of traditional, fiat currencies (e.g., USD, EUR, CAD), or various stablecoins. Essentially, the system allows any holder of the supported tokens—Bitcoin (BTC), Etheruem (ETH), Litecoin (LTC), and XRP (XRP)—to put up their crypto funds as collateral and receive mostly conventional liquidity in return. The loans are managed by purpose-built smart contracts and oracles on the Ethereum blockchain, where they record all related transactions. The process is quite simple: users deposit their tokens to a specific smart contract, which then uses oracles to disburse the funds. Then, for every installment paid back, the smart contract releases a certain amount of the collateral. NEXO is the native token of the network, providing borrowers discounts on savings, or boosts in interest rates for lenders, as well as dividends for all holders.