Nexo (NEXO) token falls 14% after Uniswap (UNI) added to its platform

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Nexo (NEXO) token falls 14% after Uniswap (UNI) added to its platform

 Nexo (NEXO) token falls 14% after Uniswap (UNI) added to its platform
Image source: andruxevich,Shutterstock

Highlights

  • The Nexo (NEXO) token fell 13.99% at 11:35 am ET on Thursday.

  • Uniswap (UNI) token is now available on the Nexo platform.

  • The NEXO token rose over 270% in a year.

The crypto token Nexo (NEXO) fell 13.99% to US$2.30 at 11:35 am ET on Thursday after it announced adding the Uniswap (UNI) token on its platform.

The company said on Twitter that the Uniswap token is now available both on its website and the app. Users can now buy, exchange, top-up, and borrow assets against UNI tokens, it said.

The purchased items would be transferred to the respective wallets within seconds. It is also offering a 0.5% cashback on swapping UNI tokens with other assets.

One can also transfer the UNI token from an external wallet for free. In addition, borrowing against the UNI token will attract rates as low as 6.9% (annual percentage rate). 

However, Nexo’s trading volume increased by 104.55% to US$22,819,354 in the last 24 hours.

It hit an all-time high of US$4.07 on May 12, 2021, and a low of US$0.04515276 on Sept 13, 2018.

Also Read: What is Helium (HNT) token? HNT crypto gains 2645% in 12 months

What Is Nexo (NEXO)?

Nexo is a blockchain-based lending platform for cryptocurrency-backed loans.

Users can deposit tokens accepted on the platform; for example, Bitcoin, Litecoin, etc., as collateral for loans in the form of stablecoin or fiat currency. 

The project was launched in 2018. 

The platform uses smart contracts and an oracle on the Ethereum blockchain to manage loans.

A user transfers the cryptocurrency to a Nexo-controlled wallet. The oracle then generates the loan, and the funds are allocated to the user.

After the user repays the loan, the oracle returns the cryptocurrency. Further, the transaction is recorded on the blockchain.

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Nexo (NEXO) token falls nearly 14% after Uniswap added to its platform

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Nexo Founders

Nexo’s founding team comprises finance professionals and crypto enthusiasts having significant experience in KYC, AML solutions, and finance law.

Holders of NEXO, a native token, receive dividends from Nexo’s profits. Users also get benefits such as rate discounts on loans.

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Nexo has over three million users worldwide. It has already paid more than US$200 million in interest. The platform supports around 27 currencies.

Its market capitalization is US$1.28 billion. The circulating supply is 560,000,011.00, and the maximum and total supply are 1,000,000,000.

The NEXO token is available for trading on Huobi Global, Bybit, FTX, HitBTC, and TOKENCAN.

Also Read: Stocks that could give FAANG companies a run for money

Bottomline

The cryptocurrency market is volatile. Hence, investors should carefully evaluate the crypto assets and the broader market before investing in digital coins.

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