What Is NEXO?

About Nexo (NEXO)

Nexo is built on blockchain giving people a chance to get a loan quickly. In order to borrow, one should deposit any of the supported assets such as BTC, ETH or XRP as a guarantee to get a loan in fiat or stablecoins. Nexo allows users to buy digital assets, grow the passive income, swap crypto, borrow fiat and try the crypto-backed card. 

NEXO is a project’s token, which gives users some benefits while locked in Nexo. Holders also get a payback from the Nexo’s revenue.   

Where did Nexo (NEXO) come from?

The concept was initially declared in 2017 and started a bit later in 2018. 

In accordance with LinkedIn, nowadays the team of Nexo includes 470+ employees with a head office in London. Its team has a total thirty year experience in the financial sphere such as banking, hedge funds etc. The project co-founders are Antoni Trenchev and Kosta Kantchev.

Nexo aims to fix the ineffectiveness in the sphere of borrowing via making a unique and helpful platform. Nexo understands the huge potential of blockchain and crypto that’s why they have decided to make a crypto-backed loan platform. 

What are the advantages of Nexo (NEXO)?

1. Special solution. Nexo is the 1st provider of quick crypto-backed loans. It aims to sort out the existing issues of lending. The loaning system is smart contracts based and utilizes the oracle built on Ethereum blockchain to operate loans. 
2. Experienced team. According to the official website, the Nexo team includes giants of the financial sphere with a total of thirty year experience in various fields like banking, hedge funds etc. 

What are the disadvantages of Nexo (NEXO)?

1. Amount of crypto assets. Right now the number of crypto assets available on Nexo is quite small. They have 50+ cryptocurrencies supported on the website. However, it is just a matter of time — probably soon the team will add more to their list.    
2. Token price. The current price of the NEXO token is $0.88 which is much less than the all-time high of $4.63 which happened in November 2021. This disadvantage might disappear later as the price of NEXO will rise a little.  

How to buy Nexo (NEXO)?

Plan to purchase a NEXO token? Visit the SimpleSwap homepage. Follow the instructions to buy NEXO:

1. For example, you want to swap BTC for NEXO. Select the currency you want to exchange (BTC) in the first drop-down list. Enter the quantity you want to swap.
2. Select NEXO in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. NEXO will be sent to this address. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.