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Highlights
- Nexo is a blockchain-based lending platform that offers instant cryptocurrency-backed loans to users.
- In April, Nexo launched its Nexo Card in partnership with Mastercard, and on April 29, the Nexo token was listed on the Binance cryptocurrency exchange.
- Nexo has 105,444 token holders and a market capitalization of US$1.22 billion.
The Nexo (NEXO) crypto caught people’s attention on Monday after it retweeted a “fake” Elon Musk message claiming he has shown interest in hiring the crypto lending platform as a consultant if he buys Goldman Sachs in future.
Its followers claimed the message was fake soon after it retweeted the message. Nexo (NEXO) token fell 7.02% to US$2.18 at 9:01 am ET after the development.
The global crypto market was up 1.19% to US$1.73 trillion in the last 24 hours to Monday morning.
Nexo token was trading at 46% lower than its all-time high of US$4.07 in May 2021. It touched the lowest price of US$0.04515276 in 2018, as per coingecko.com.
In April, Nexo announced its Nexo Card in partnership with Mastercard. The Nexo Card is linked to the user’s Nexo Instant Crypto Credit Line, which allows users to spend without selling their digital assets. The crypto value in the user’s portfolio acts as collateral for the credit amount.
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Nexo, which offers cryptocurrency-backed instant loans, rallied after its listing on the Binance exchange on April 29. The project had completed four years of its launch on May 1. To celebrate the occasion, it announced to give away US$10,000 worth of NEXO tokens to 20 winners, each to receive US$500 worth of coins, who follow, like and quote its birthday tweet.
In another limited offer until May 3, it has offered up to 12% interest on XRP and NEAR tokens or 42% on AXS tokens under a special fixed-term offer.
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Data Source: coinmarketcap.com
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Nexo and its token NEXO price:
Nexo is a blockchain-based lending platform that offers instant cryptocurrency-backed loans to users. Users need to deposit the accepted token, such as Bitcoin (BTC), Ether (ETH), XRP (XRP) etc., as collateral to get the loan in the form of fiat currency or stablecoin.
The NEXO token is used to grant users discounts on loan interest and receive interest payments on deposits.
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Nexo has 105,444 token holders, and its current market capitalization is US$1.22 billion.
Of the one billion tokens in supply, the circulating supply is 560 million. The token can be purchased on Binance, Bitget, FTX, Bybit, crypto exchanges, etc.
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Bottom line:
Besides Nexo, other crypto lending projects include AAVE, Celsius, and Compound. All these tokens were trading in the positive territory on Monday.
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