The Year in the Rearview, the Year Ahead
The past year has been a phenomenal one for Nexo and for our quickly growing community of happy customers, investors, and partners. It is our firm belief that 2019 will be even better, and the entire Nexo Team is invigorated by the success and inspired to surpass all your expectations going forward.
2018 in the Rearview
Despite a ravaging bear market, Nexo has been able to deliver substantial accomplishments:
On April 1, 2018, Nexo concluded an 11x oversubscribed Private Sale, which resulted in an initial funding boost of $52.5 million for Nexo’s instant crypto loans.
The World’s Largest Security Token by Market Cap
Nexo issued and distributed the world’s first complaint, dividend-paying asset-backed security token with utility features. We take pride in the fact that the NEXO Token has been the largest in its asset class by market cap ever since.
The World’s Most Advanced Crypto Lending Platform
Less than a month later, on April 30, 2018, Nexo launched the world’s first instant crypto loans platform, allowing tens of thousands of people across the globe access to cash and HODLing at the same time. From day one, our service has been fully automated, leveraging on our 10+ years of expertise in online credit automation.
Further enhancements of the platform saw the minimum loan amount being lowered to $1,000 (with a $100 minimum to follow soon); while we managed to raise the maximum loan amount to up to $2 million per individual client.
Qualified Custodianship and Security of Funds
The security of clients funds has been of the highest priority, so we entrusted the handling of multi-signature wallets to qualified custodian BitGo. The trust company has an impeccable track record of safeguarding against breaches, is SOC 2 compliant and has implemented the Cryptocurrency Security Standard (CCSS) Level 3, an open protocol that focuses on the cryptocurrency storage that is currently the go-to standard for crypto wallets.
A Truly Borderless Enterprise
One of the milestones, which we are especially proud of is the fact that Nexo is the crypto lender with the widest reach, servicing crypto loans in more than 40 fiat currencies and across 200+ jurisdictions. Through our extensive network of banking relationships, we are the only blockchain business that can offer even the Nepalese Rupee, the Thai Baht, and the Korean Won, to name just a few.
To provide our instant crypto loans in the most efficient manner possible, we have localized our product in Chinese, Korean, German, and Russian, while Spanish, French, Turkish, Japanese and many others will follow soon.
Risk-Free Interest on Stablecoins
As part of the effort to further scale the Nexo enterprise, we initiated the Liquidity Provider Program, which allows clients to earn interest of up to 6.5% on a variety of stablecoins . It is accompanied by the only protection for stablecoins on the market which guarantees a 1-to-1 conversion to U.S. Dollars on any stablecoin.
An Ever-Growing Community
Along with NEXO, Binance’s coin BNB is one of the few safe havens in the crypto space, so we integrated it on the platform, a move that was appreciated by CZ. We will, of course, continue to onboard those crypto assets as collateral options that are most important to the blockchain community.
Profitability in Just Six Months
Nexo’s model has been profitable from its very onset, setting us apart even from such FinTech giants like Revolut, TransferWise, Monzo, Robinhood, etc. that have seen multi-billion dollar valuations prior to reaching profitability.
The First NEXO Dividend Distribution
To finish off the year accordingly, on December 15, 2018 Nexo paid out close to $1M (30% of its profits) to the NEXO Token Holders. With an annualized yield of 4.80%, the First NEXO Dividend beats all dividend-bearing stocks in Warren Buffet’s portfolio: Apple 1.4%, JPMorgan 3%, Wells Fargo 3.3%, Goldman Sachs 1.6%, and even Coca-Cola with 3.1%.
NEXO Outperforming the Crypto Market
This comes on top of the fact that the NEXO Token has outperformed all major crypto assets, including BTC, ETH, and XRP since May 2018, showing remarkable resilience in the ongoing bear market.
Please also check out the Interim Report for an in-depth analysis of the market dynamics and the outstanding performance of the NEXO Token when compared to its peers in the blockchain space but also of Nexo as a company when compared to other FinTechs.
The Year Ahead
All of the above combined with our strategic vision for the Nexo enterprise makes us beyond optimistic for 2019!
Building a Global Company to Solve Real Problems
The Nexo Team is hard at work to deliver the following:
- Bringing the minimum loan amount down to $100
- Launching the comprehensive Nexo affiliate program
- Expanding the list of collateral options by constantly adding new assets to borrow against.
- Starting to issue the Nexo Card which will redefine the very essence of the word “instant”
- Launching the Nexo Mobile App on the Apple App Store and Google Play Store
- Retain the highest standards in terms of compliance with global and local regulatory frameworks
- Developing commercial banking capabilities so that we are able to tap into the fiat deposit-taking and payments system
- Launching several features that we will keep in stealth mode, as to preserve our competitive advantages
These are but a few examples of imminent milestones that will make the already seamless experience with Nexo an even better and all-encompassing one.
The All-In-One Crypto Banking Solution
Our goal, of course, remains nothing short of preserving Nexo’s dominance of the crypto lending space and we truly believe that our underlying philosophy and approach will take the enterprise well beyond the lending domain in a soon-to-be tokenized world. Nexo will deliver the ultimate all-in-one crypto banking solution for the blockchain space. And we are glad to have you on board for this amazing journey!
Do check out our earlier blog posts, share them with your friends and let them too be part of the Nexo success story!