Technological innovation and advancements are the best things we need to breed innovation and make this world a better place. The advent of cryptocurrencies is an excellent example of such noteworthy advancements. Today the crypto industry has more than 20000 cryptocurrencies and numerous platforms that help one use those tokens.
The Nexo crypto platform is one of those unique platforms with distinct characteristics that set it apart from many others in the industry. The offerings of this platform are very nuanced in many ways, which often results in confusing people to a great extent.
So what exactly does the Nexo platform do with your cryptocurrencies? First, let’s dive in and understand what the platform offers and how you can use it.
What Is The Nexo Platform, & How Does It Work?
Nexo is a crypto platform launched in 2018 to bring popular financial services into the crypto industry. The platform currently caters to the needs of over a million users while managing assets worth $12 billion. In addition, lenders can use the platform to generate passive income, and borrowers can get loans with cryptos as their collateral.
The platform offers an annual percentage yield ranging from 6% to 12% for various digital assets and fiat currencies. These digital assets include names of premium cryptos such as Chainlink (LINK), Bitcoin (BTC), and other stablecoins such as DAI and USDC.
The Nexo crypto exchange is primarily designed for novice players looking to enter the crypto industry. With a user-friendly interface, Nexo has all the features to support your long-term investment goals and generate attractive returns. Besides helping people earn interest, Nexo allows them to borrow funds and meet their goals and ambitions.
The Nexo platform also has a native cryptocurrency called NEXO. Every NEXO holder on the platform has the privilege to access some added features and benefits. These perks often include things like bonus interest rates and lower interest rates on borrowings and dividends.
Defining Features Of The Nexo Platform
As with every other crypto platform in the industry, even Nexo comes with many different features and functionalities. But of all its offerings, three specific features highlight the platform’s offerings in the best way possible. These three features include:
- Crypto Credit Lines: How many crypto platforms have you seen that allow you to borrow funds with your digital assets as collateral? Nexo is one of those few platforms that help users digitally deposit assets as collateral and borrow funds in either stablecoins or cash.
The platform does not require you to adhere to credit checks since the entire lending process is fully automated. The interest rates on these borrowing start at a rate of 13.9% APR based on the asset you borrow.
- Crypto Interest Accounts: Is there any guarantee that the value of the cryptocurrencies in your portfolio will increase in time? Forget about taking chances when you can earn interest on your crypto holdings with Nexo.
Besides crypto holdings, you can earn interest on specific platforms’ fiat currencies. The platform will offer you an interest of 12% annually, but you also get the option to select the daily payout mechanism. You have unmatched flexibility to withdraw and deposit funds at your convenience.
- Nexo Card: Yes, Nexo also has a card you can use across all Mastercard outlets. But you will need to download the Nexo Wallet app to navigate all the features and transactions associated with your Nexo card. What’s more, you can earn a cashback of 2% on every purchase you make using the Nexo card.
Nexo Crypto Exchange: What Is The Concept About?
Apart from offering lending and borrowing services, the Nexo crypto exchange allows you to trade in over 100 different cryptocurrencies. The Smart Routing system of the platform is ideally designed to connect with more than five different crypto exchanges and get the best deals to maximize your returns.
As per most Nexo crypto news, the platform does not charge any trading fee when making crypto exchanges. But it charges a spread, the difference between the rate you receive when exchanging and the actual rate of the crypto in the market. This collection is often divided among market makers who add liquidity.
What Is The NEXO Token All About?
NEXO is the native cryptocurrency on the Nexo platform. The NEXO crypto price currently stands at $0.6253, with a market cap of $350,165,959 and a 24-hour trading volume of $3,183,288. The asset contributes to the credit lines and interest platforms. But besides that, there are many other things you can do with tour NEXO holdings, and these things include:
- Earn Bonus Yield: Earning 2% APY of extra interest rates on your cryptocurrencies is possible if you hold NEXO tokens. The interest is paid with NEXO tokens itself.
- Interest Discounts: One of the best things about having NEXO tokens is that you can get a discount of up to 50% on interest rates for loans you take from the platform.
- Dividends: Investing in NEXO tokens is n different than investing in conventional shares. 30% of all profits collected on the platform is redistributed as dividends to NEXO holders. This will include the base dividend and the proportional dividend based on the amount of NEXO tokens you deposited on the platform. Besides that, you can even earn a loyalty dividend based on the time you have been holding your NEXO tokens.
- Free Withdrawals: As with every other crypto platform, even Nexo charges a withdrawal fee from its users. But you can save yourself from paying these fees if you hold NEXO tokens. Having NEXO tokens in your portfolio ensures you get up to 5 free withdrawals for cryptocurrencies.
Final Thoughts
As you can see, Nexo has ample opportunities to help you earn appealing returns in exchange for your crypto holdings. The platform is ideally suited to help you make the most of your crypto holdings without hassle.
These offerings allow the platform to generate more positive Nexo crypto reviews and further its stand in the market. So make sure you leverage its offerings to amplify your returns.
