Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans.
Users deposit an accepted token — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) — as collateral to receive a loan in the form of a fiat currency or stablecoin. Nexo has a native token, NEXO, that when locked in the platform grants users benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. Token holders also receive dividends from Nexo’s profits. This has led to an increase in NEXO price.
Earn Daily Interest
Earn daily interest on your crypto and EURx, USDx and USDx. You can earn up to 12% interest on your crypto assets. This interest is given out daily. You can add and withdraw funds anytime without lock up.
NEXO has a $375 million insurance on all custodial assets.
Early Mover Advantage
Nexo is the first-ever provider of instant cryptocurrency-backed loans and it intends to solve inefficiencies in the lending market. Its automated lending process uses smart contracts and an oracle on the Ethereum blockchain to manage loans. After a user transfers cryptocurrency to a Nexo-controlled wallet, the oracle establishes the loan and the user is instantly allocated the funds. When the user makes a deposit in order to repay the loan, the oracle returns the cryptocurrency and records the transaction on the blockchain. Smart contracts are used to power NEXO and to record user balances.
Let us review NEXO Price.
NEXO Price Prediction
NEXO is currently trading close to the resistance zone at $1.84. If it can break this resistance, we could start seeing a move towards $1.92, $2.00, $2.26 and $2.68. If it cannot break the resistance at $1.84 and $1.92, we could start seeing a move towards $1.68, $1.58 and $1.50.
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