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Highlights
- Nexo is primarily a lending platform that offers users instant crypt-backed loans for quicker access to cash and support for maintaining digital assets.
- Backed by its native token NEXO, it allows users to get discounts on the interest accumulated on loans.
- NEXO has been witnessing a purple patch. At the time of drafting, it was trading at US$2.26 with a volume of US$8,982,641 over a day according to CoinMarketCap.
Nexo is primarily a lending platform that offers users instant crypt-backed loans for quicker access to cash and support for maintaining digital assets. The users can deposit leading tokens as collateral to receive an instant loan in form of cash or stablecoin.
Backed by its native token NEXO, it allows users to get discounts on the interest accumulated on the existing loans. It also provides an opportunity to receive interest payments against the funds that are accumulated.
On Wednesday, NEXO was performing well on the market and saw gains of over 6.21%.
What made the NEXO rise?
NEXO crypto’s rise seems to be on the back of its metaverse announcement on 7 February. Antoni Trenchev, co-founder and Managing Partner, NEXO, suggested that through its metaverse plans, it aims to create a whole new economy with crypto as its main currency.
In fact, NEXO has been performing well over the past two weeks registering gains of 24.2% and 10.3% in the last 14 days.
Launched in April 2018, it targets to solve the issues related to the lending market. As an automated lending process, it can offer smart contracts and Ethereum-backed loans. When users deposit a certain amount to repay the loan, NEXO’s blockchain returns the cryptocurrency, thereby keeping a track of the transactions.
Nexo maintains the database of the clients who continue to use the platform and provides royalty for its loyal followers. Thus, NEXO’s loyal customers automatically form a part of its loyalty program, where they can access 30% of its profits in the form of dividends.
Why is NEXO crypto soaring today?
How is NEXO price faring?
NEXO crypto is currently ranked 79 and has been in purple patch for some time. At the time of drafting was trading at US$2.26 with a volume of US$8,982,641 over a day. However, from the volume perspective, the token hasn’t performed that well and was down by 35% with a live market cap of US$1,268,041,640 with 560,000,011 NEXO coins in circulation.
NEXO investors will be happy to see its bullish run come back and would be hoping that the rally lasts for a longer period. Investors can take heart from the fact that metaverse plans are getting good traction within the participants and the future looks promising right now.
