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Highlights
- The Nexo protocol is a blockchain-based lending protocol that offers users the facility to avail of instant crypto-backed loans.
- The 66th ranked token on 30 May is witnessing a minor rally on the market as it was up by 1.14% and was witnessing a volume spike of 5.93%.
- NEXO, on Monday, was trading at US$1.27 with a volume of US$62,27,224 over a day, according to CoinMarketCap.
The Nexo protocol is a blockchain-based lending protocol that offers users the facility to avail of instant crypto-backed loans. Founded by a team of crypto enthusiasts, the NEXO crypto allows the users to avail of loans by using their cryptos as collateral and receiving the loan in fiat or stablecoins.
NEXO is one of the few instant cryptocurrency-backed loan providers, which cater to providing solutions to the gaps in the lending market.
The 66th ranked token on 30 May is witnessing a minor rally on the market as it was up by 1.14% and was witnessing a volume spike of 5.93%. Today’s rally comes after weeks of bearish phase, seeing losses of around 10% in the past 14 days.
Related Read: Why is Nexo (NEXO) crypto grabbing attention?
So, what’s the reason for the upmove?
The NEXO token seems to be rallying on the back of its announcement of offering services that would allow users to buy cryptos with credit or debit cards. NEXO, to promote it, also provides a 0.5% instant cashback in free crypto on each purchase.
So, the users can access as many as 38 in-demand cryptos, including Bitcoin, Ethereum, Tether, NEXO Token etc.
Besides, it had also announced a referral programme, wherein the users can enter a US$50000 prize pool, along with US$25 in Bitcoin for each referral.
Related read: What is NEXO’s crypto-backed credit card? How is Mastercard involved?
What makes NEXO unique is its ability to offer lending services through the use of smart contracts to manage loans.
How is NEXO price faring?
NEXO, on Monday, was trading at US$1.27 with a trading volume of US$62,27,224 over a day. The NEXO token enjoyed a live market cap of US $70,88,84,475 with 560,000,011 NEXO coins in circulation.
While the rally has been a much-awaited one for the NEXO investors, they would also be mindful that late cryptos have shown a tendency to be volatile. Therefore, one must ensure that they properly do their market research to avoid any loss.
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