Nexo (NEXO)

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Nexo (NEXO) is a cryptocurrency overdraft system allows users to avoid selling their own cryptocurrency as using your own crypto as collateral, then to withdraw cash.

Our Joke Name

NEXO = NEXT ->

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (NEXO)

Coin or Token

Circulating Supply (560 Million)

Total Supply (1 Billion)

Block time (Under 60 seconds)

Market Cap Ranking

Review

Nexo (NEXO) is a cryptocurrency overdraft system allows users to avoid selling their own cryptocurrency as using your own crypto as collateral, then to withdraw cash. Nexo also allows you to maintain and access your crypto assets. Nexo is a product from Credissimo (technology-driven consumer finance), since establishment in 2007 the company has granted $120 million in loans while collecting $155 million in cash. The white paper can also be viewed at https://bit.ly/2HMzwx4 (52 Pages)

Key Features

  • How Does Nexo Work
  • Problems Nexo Solved

How Does Nexo Work?

Nexo plans to combine instant loans with blockchain technology, wanting to create the world’s first instant crypto overdraft system. This allows users to enjoy their money made off crypto without actually selling their crypto holdings and no hidden fees as stated on their website. The main functions of Nexo are to unlock the value of your assets, keep asset upside potential, quick access to financing and are based on blockchain technology.

Problems Nexo Aim Solve

Slow Liquidation Process

Converting crypto holdings to cash is very slow, Nexo plans to solve this problem by allowing users to access cash anywhere which could be through a nexo credit card which is like your everyday MasterCard except it has blockchain technology

Lack of Trust and Transparency

Transactions in digital assets are often settled through P2P agreements that lack security and transparency on both sides. Nexo solves this problem with transparent contracts built on the blockchain.

Loss of Ownership

Users who want to access cash from their crypto assets today need to lose ownership of their digital assets. With Nexo, clients can have 100% ownership of their digital assets.

Conclusion

Overall the goal of Nexo is to solve the lack of financing for the new digital economy however, this basically just promotes people to “cash out” and can take a toll on the market cap. In turn, this allows users to quickly cash out and make a run for it hopefully what you’re probably hoping will happen to whoever is reading this, just remember always take caution sometimes it too good to be true.

Pros

  • Solving problems
  • Profit taking

Cons

  • Potential problems in a bear market
  • No backing other than Crypto