Nexo platform was created in 2017 by Credissimo, a leading European FinTech Group located in Bulgaria, to provide crypto-backed loans. Nexo became their technological innovation with a unique opportunity to use cryptocurrency owners’ holdings. It offers a business model when cryptocurrency holders use their assets as collateral to get instant loans. In fact, Nexo has created an instant crypto loan system based on blockchain technologies.
The peculiarities of the NEXO usage
Instant crypto loans represent the key product offered by Nexo. In order to get a loan, a user needs to create a Nexo wallet and to upload crypto assets there. These crypto assets will be treated as collateral eliminating the need to pass any credit checks or other verification procedures. At the same time, Nexo also gives its users an opportunity to earn an 8% interest on most popular fiat currencies (USD, EUR, and GBP) as well as on some stable coins.
NEXO token is used as collateral on the Nexo platform along with other cryptocurrencies, such as BTC, LTC, ETH, XRP, etc. NEXO token runs on the Ethereum blockchain and is based on the ERC-20 standard. According to the official website of the project, this is a compliant security token with utility features, which is backed by the underlying assets in Nexo’s loan portfolio. The tokens are operated in accordance with the US and other countries’ laws.
The NEXO token holders get regular passive income in the form of 30% of Nexo’s earnings on a periodic basis with dividends paid in BTC, ETH and/or NEXO tokens and/or USD stable coin. Also, token holders receive discounted interest rates (up to 50%) on their crypto loans at the platform.
NEXO tokens can be stored on the official Nexo Wallet. Also, hardware wallets such as Ledger Nano S and Trezor support this cryptocurrency, too. Since NEXO is based on Ethereum, it can be stored on MyEtherWallet, TrustWallet, Metamask, and any other ERC-20 compatible wallet. NEXO tokens are available for trading on many cryptocurrency exchanges, including Hotbit, Huobi, and Binance.
NEXO token distribution
The total supply of NEXO tokens equals 1,000,000,000.
According to Nexo official information, the NEXO tokens are distributed as follows:
52.5% to investors from the Nexo token sale
25% overdraft funding reserves
11.25% to the founders and the team
6% are reserved for community building and airdrop campaigns subject to 18 months, vesting quarterly
5.25% is given away to Nexo’s advisors, legal team and PR
ICO started on March 17, 2018, and ended on April 15, 2018. The NEXO tokens sale was completed on April 1, 2018. The team has managed to raise 52,500,000 USD, so the goal was achieved. Almost all funds from the token sale were spent on funding clients’ crypto-backed loan requests.
Nexo team and partners
As it has already been mentioned above, Nexo is the crypto branch of Credissimo, a large loaning company in Europe based in Sofia, Bulgaria. Credissimo is a working business that serves millions of people across Europe. The Nexo team includes more than ten members, and the most prominent are the following:
Kosta Kantchev is a Co-Founder and Executive Chairman of Nexo. He is also a Co-Founder and Board Member of Credissimo, the business which backs Nexo. His experience in the European FinTech industry covers more than 10 years.
Vasil Petrov is a CTO of Nexo. He is also a Co-Founder and Investor of Drooble, the social network for musicians launched in 2013.
The major partners of the project are
Onfido, a software company which helps users verify people's identities
BitGo, a famous digital asset trust company