Kosta Kantchev is a Co-Founder and Executive Chairman of Nexo. The Nexo team includes more than ten members, and the most prominent are the following: Credissimo is a working business that serves millions of people across Europe. Almost all funds from the token sale were spent on funding clients’ crypto-backed loan requests.Īs it has already been mentioned above, Nexo is the crypto branch of Credissimo, a large loaning company in Europe based in Sofia, Bulgaria. The team has managed to raise 52,500,000 USD, so the goal was achieved. The NEXO tokens sale was completed on April 1, 2018. ICO started on March 17, 2018, and ended on April 15, 2018. The total supply of NEXO tokens equals 1,000,000,000.Īccording to Nexo official information, the NEXO tokens are distributed as follows:ĥ2.5% to investors from the Nexo token saleĦ% are reserved for community building and airdrop campaigns subject to 18 months, vesting quarterlyĥ.25% is given away to Nexo’s advisors, legal team and PR NEXO tokens are available for trading on many cryptocurrency exchanges, including Hotbit, Huobi, and Binance. Since NEXO is based on Ethereum, it can be stored on MyEtherWallet, TrustWallet, Metamask, and any other ERC-20 compatible wallet. Also, hardware wallets such as Ledger Nano S and Trezor support this cryptocurrency, too. NEXO tokens can be stored on the official Nexo Wallet. Also, token holders receive discounted interest rates (up to 50%) on their crypto loans at the platform. The NEXO token holders get regular passive income in the form of 30% of Nexo’s earnings on a periodic basis with dividends paid in BTC, ETH and/or NEXO tokens and/or USD stable coin. The tokens are operated in accordance with the US and other countries’ laws. According to the official website of the project, this is a compliant security token with utility features, which is backed by the underlying assets in Nexo’s loan portfolio. NEXO token runs on the Ethereum blockchain and is based on the ERC-20 standard. NEXO token is used as collateral on the Nexo platform along with other cryptocurrencies, such as BTC, LTC, ETH, XRP, etc. At the same time, Nexo also gives its users an opportunity to earn an 8% interest on most popular fiat currencies (USD, EUR, and GBP) as well as on some stable coins.
#NEXO TOKEN VERIFICATION#
These crypto assets will be treated as collateral eliminating the need to pass any credit checks or other verification procedures. In order to get a loan, a user needs to create a Nexo wallet and to upload crypto assets there. Instant crypto loans represent the key product offered by Nexo.
In fact, Nexo has created an instant crypto loan system based on blockchain technologies. It offers a business model when cryptocurrency holders use their assets as collateral to get instant loans. Nexo became their technological innovation with a unique opportunity to use cryptocurrency owners’ holdings. Nexo platform was created in 2017 by Credissimo, a leading European FinTech Group located in Bulgaria, to provide crypto-backed loans.
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