Following the overnight boom in 2017, crypto has been experiencing a rapid decline. Within the last three months (September to November) alone, Bitcoin has crashed by almost half of its value. On November 24th the trading value fell below 4000 dollars, lowest since September last year. This same downward trend is experienced by almost all altcoins too. However, in spite of the shake-ups in the cryptocurrency world, Nexo, a Switzerland based crypto lending platform where crypto investors use their cryptocurrency worth as a collateral, has been increasing in value daily. —
A subsidiary of Credissimo, a major European FinTech Group, serving millions of people across Europe for over 10 years, Nexo has almost doubled price in USD within the last 90 days. It traded at $0.051 in September 24 and $0.090 in November 24. If the BTC value of the token is analysed, it’s almost tripled in the last 90 days period.
In October, the company added Ripple (XRP) to its collateral options along with BTC, ETH, NEXO and BNB tokens. The company announced the decision through its Twitter page @NexoFinance; “XRP backed transactions are now available on the Nexo platform, making us the first and only crypto platform to onboard XRP as collateral.” With the inclusion of Ripple as a collateral option, the team is expecting NEXO to attract hundreds of thousands of new traders in coming months.
The popularity of the platform, and the growth of NEXO token can be attributed to its vision of letting more people gain access to capital with less stress in countries that restricts cash movement like Turkey. In an official statement published on BloqWire crypto news network, the company said; “Servicing the Turkish lira along with 40+ currencies allows us to help millions of crypto fans in countries that restrict the movement of capital to structure their finances as they see fit. This is a prime use case for the company’s instant overdraft and crypto in general”.
Nexo, the maiden platform that offers instant crypto backed credits featuring military grade security as well as SEC-endorsed custodianship; is about to announce the plan to commence payout of first dividend to its token holders. In an industry first, the company is expected to share about 30% of their current profits with the holders of the asset-backed token in December 15.
Release ID: 450285