What is Nexo?
In real sense, what Nexo does it that it merges the properties of blockchain and instant loans which disbursed in USD/Euro via bank transfers.
By incorporating blockchain, borrowers can access crypto loans within minutes because there is nothing like back ground checks or hidden fees. Besides, the platform runs smart contracts and algorithmic procedures at their Oracle module. Credissimo, a FinTech group which serves millions of people across Europe is behind Nexo. The NEXO token is backed up by the assets of Nexo’s loan and is the first asset backed ERC20 token. NEXO token holders receive a monthly income from the company’s profits.
Some benefits of Nexo are; users will not have to pay for any transaction or withdrawal fees, the credit ratings of the clients cannot be damaged as Nexo doesn’t perform credit checks, users retain 100% ownership of their assets and blockchain contracts are transparent. The platform has two main products and services; Instant Crypto-backed Loan where NEXO tokens offer discounted interest rates and Nexo Credit Card.
NEXO has a total supply of 1 billion NEXO and a circulating supply of 560 million NEXO.