It is estimated that the digital asset market, which consists of currencies like Bitcoin, Ethereum, and Litecoin, will grow to a staggering US$5 trillion by 2058. This domain has been growing steadily and has drawn interest from a plethora of investors, miners, and entrepreneurs in just two to three years. Even though blockchain technology has yet to gain widespread acceptance, this sector is projected to reach an even higher overall market capitalization as that happens.
Nexo is an all-new blockchain-driven platform that aims to provide interested users with instant crypto-backed loans. As things stand today, there are no ways for digital asset owners to utilize their crypto holdings other than to sell them at lucrative rates. Nexo makes use of a highly innovative business model wherein users can retain 100% ownership of their digital assets while having immediate access to cash.
According to the company, these instant crypto-backed loans are an “automatic, flexible and cost-efficient means of obtaining liquidity that is secured by the value of the client’s digital assets.” The entire process of procuring loans is simple and can be completed within a matter of minutes. Some of the key benefits of using Nexo include:
- No hidden fees
- No capital gains taxes
- No credit checks
Even a high level of transparency is ensured, since the platform utilizes blockchain technology, smart contracts, and algorithmic processes, all of which are executed via the native Nexo Oracle module.
OVERVIEW OF THE PLATFORM
- Nexo’s core dev and business teams consist of individuals who have been in the fintech sector for more than a decade.
- The company is strictly supervised by multiple European banking and financial services regulators.
- The Nexo advisory board consists of many prominent members of the finance industry, including the founders of TechCrunch and Polymath.
- The NEXO token is US-SEC compliant and is backed by the underlying assets of Nexo’s loan portfolio.
- Nexo has an easy-to-use UI which is bolstered by a high degree of privacy and anonymity.
The NEXO token is a US-SEC compliant, dividend-paying, asset-backed security-currency which is backed by the underlying assets of Nexo’s loan portfolio. Nexo’s clients have the opportunity to receive cash instantly anywhere from various parts of the globe. Such a high level of asset liquidity is something which is not common in the crypto sector.