Nexo
About 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.
In the last hour, Nexo's price has seen a change of +0.27%, and over the past 24 hours, its price has moved by -1.49%. Over the previous week, Nexo's price has moved by -0.91%. The current price of Nexo is $0.7967, accompanied by a trading volume of 6.375M in the last day. Nexo's price is currently 82.77% below its all-time high of $4.6252, which remains the highest price Nexo has achieved since its launch. The circulating supply of Nexo stands at 646.1M, translating to a total market capitalization of 514.8M.
Market stats
Frequently asked questions
What is the Nexo Network?
The Nexo Network and its trading symbol (NEXO) is a decentralized blockchain platform built and developed for the purpose of lending crypto assets, where Nexo accepts carefully selected crypto assets as collateral for loans in fiat currencies or stablecoins. The platform is based on the Nexo token (NEXO), which allows users to receive discounts on specific trading transactions and even earn yields when staked on the platform. The Nexo platform offers a variety of solutions, such as interest on cryptocurrencies, cryptocurrency trading pairs, and the Nexo Card for access to a wide range of cryptocurrency solutions, as well as cryptocurrency-backed loans. The network was developed in 2018 as one of the first decentralized lending solutions.
How does the Nexo network work?
Nexo relies on a multi-collateral lending protocol, where users pledge their crypto assets to obtain instant loans in fiat or stablecoins, with the requirement that the value of the collateral exceed the loan amount to mitigate risk. The platform continuously monitors the loan-to-value (LTV) ratio to automatically manage risk. It also offers cryptocurrency trading and exchange services, as well as a payment card that allows users to spend the value of their collateralized assets without selling them, while earning a portion of their purchases back as rewards. Users can also earn returns on their assets through earning and staking programs, and use certain assets, such as non-fungible tokens (NFTs), as collateral to obtain financing. NEXO token holders receive benefits such as reduced loan interest rates and increased returns.
Is NEXO available on Rain?
We are constantly working to expand our list of available assets, and although we cannot provide a specific date for the listing of NEXO at this time, you can follow the latest updates through our official social media channels, such as X.
Rain is licensed by the Central Bank of Bahrain (CBB) and the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA). This provides customers with a regulatory framework for trading digital assets in the region.
What are the risks and considerations
Before purchasing NEXO, it is important to understand the associated risks:
• Concentration risk: The token is heavily dependent on the platform’s operations and may be affected if the platform undergoes any changes.
• Governance and regulatory risks: The token’s value may be affected by legislation and regulation. • Custody risks: You must protect your account with a strong password and two-factor authentication and choose an appropriate storage method after researching it thoroughly.
• Transparency risk: The platform does not publish real-time data on reserves, which may affect the network’s reliability.
You should not purchase NEXO based solely on price predictions. Instead, you should study the whitepaper, the currency’s use cases, the project’s vision, and your risk tolerance before making any decision.
What are the uses of NEXO tokens?
NEXO tokens are used to obtain discounts on borrowing interest, increase deposit returns, and receive a portion of trading or purchase fees back.
What is the total supply of NEXO?
The circulating supply of NEXO tokens is approximately 646.15 million tokens, and the fixed maximum supply is one billion (1,000,000,000) NEXO tokens.
Can you borrow from the platform without selling your cryptocurrency?
Yes, you can pledge cryptocurrency as collateral to obtain loans while retaining ownership of the assets as long as the collateral requirements are met.
How to invest in Nexo?
Rain offers you a number of ways to start investing in Nexo, including buying Nexo through bank transfers or by using your bank card. To purchase Nexo on Rain, you can select Nexo in your Rain account, then click Trade and select Buy. Enter the amount you wish to buy and click Next to review and confirm your purchase.
What is the market cap of Nexo?
With a market capitalization of 514.8M, Nexo is ranked 82 among other crypto assets.
What is the all-time high of Nexo?
The highest valuation of Nexo since its launch was at $4.6252, marking its all-time high.
What is the 24-hour trading volume of Nexo?
The trading activity of Nexo over the last 24 hours was at 6.375M, highlighting its liquidity in the market.
How many Nexo are there in circulation?
There are approximately 646.1M units of Nexo currently in circulation, affecting its market dynamics.
What is the relative popularity of Nexo?
Nexo market cap is around 514.8M.
When was Nexo created?
Nexo was introduced on 01 Apr 2018.
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