Nexo is an all-in-one crypto platform that allows users to buy assets, swap between 300+ pairs, and earn interest. But Nexo is mainly known to be a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. Users deposit an accepted token — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), or XRP (XRP) — as collateral to receive a loan in the form of a fiat currency or stablecoin. Therefore, it operates both as an exchange via the Nexo crypto exchange and a wallet via the Nexo Wallet, allowing users to store their assets safely.
Nexo has a native token, NEXO, that when locked in the platform grants users benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. NEXO Token holders will get 30% of the company’s profits. The NEXO Token is an asset-backed token and is backed by the underlying assets of Nexo’s loan portfolio.
The project was first announced in December 2017, and it launched in April 2018.