What is Nexo? Detailed guide how to use platform
In this article, I’ll discuss a very interesting topic in the cryptocurrency space: What is Nexo? Nexo seems to have become a household name after it launched back in 2018. It’s gained a lot of trust for not only the fact that it’s easy to use, but also the fact that it offers a lot of cryptocurrency products that allow users to buy, save, and also spend without touching their actual cryptocurrencies.
If all these sounds interesting, then you should read this article till the very end so you get every juicy detail about this platform.
What is Nexo platform?
Nexo is a centralized cryptocurrency platform that allows users to buy, sell, and trade cryptocurrencies, as well as earn interest on cryptocurrencies deposited to the platform. It also allows users to take out loans on both cryptocurrency and NFTs assets as well. Antoni Trenchev, Kosta Kantchev and Kalin Metodiev founded Nexo in 2018 and it’s since grown into a global conglomerate.
This platform is among the first set of cryptocurrency digital companies to register their token sale with the U.S. Securities and Exchange Commission (SEC) back in 2018. It is NOT FDIC insured either because it’s not a bank. This means you don’t have insurance coverage on your deposit in case the platform defaults.
What is NEXO token?
NEXO is a native token to the Nexo platform. Users who hold it get extra benefits from the platform such as higher interest rates, lower borrowing rates, and free withdrawals on this platform.
As of the time of writing this article, the token is ranked 82 on the Coin Market Cap (CMC) platform with a market capitalization of about $365 million and trades at 64 cents per token.
The NEXO token can be purchased on different platforms; Binance, Bitfinex, Bitstamp, Huobi, Gate.io, Bybit, CoinEx, BitMart, MEXC, Uniswap, Quickswap, native platform of course, etc.
You should get this right, though, Nexo is the name of the platform, and NEXO (all caps) is used to differentiate the platform’s native token from its name.
What does Nexo do?
Although Nexo is just not your regular cryptocurrency exchange, it allows its users to buy, sell and trade cryptocurrency assets on its platform.
Continue reading here.
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