Status: PAYING

Company

Nexo has been in operations since 2018 and has aimed to professional banking service standards in the crypto space. The team behind Nexo has 13 years of Fintech experience. They are leveraging blockchain technology to empower thousands of people to access quick liquid funds on the basis of their crypto assets. 

Credissimo is the company where Nexo’s roots lie. It is a publicly-traded company and was founded in 2007. In 2017, Nexo was funded by Credissimo. However, today Nexo is a separate legal entity and so far, has raised $50 million. 

They are one of the top-most names in the crypto lending space. Nexo has claimed to have served over 800,000 clients in more than 200 countries and has processed more than $3 billion so far. Currently, they offer 40+ fiat currencies. 

Products

#1. Nexo Lending & Borrow

Nexo offers crypto users to earn interest on their crypto holdings. They pay a 5% interest in cryptocurrencies and 10% on stablecoins. The interest amount is paid out on a daily basis. Nexo pays interest amount in the currency that you deposited with them. 

It also allows users to borrow money by collateralizing their crypto assets. Users can borrow cash or stablecoins from Nexo from 5.9% APR. Nexo allows users to borrow from $500 to $2 million. You can also use the calculator available on the borrowing web page of Nexo to calculate the amount of crypto that you will have to collateralize to borrow your desired amount. 

#2. Nexo Card

Nexo card allows users to use their crypto assets without having to sell their crypto assets. It is allowed at 40M+ merchants worldwide. A user will also receive an additional virtual card along with the Nexo card. 

The key advantage of Nexo card is that it allows payments in local currencies, there are no monthly or annual fees, and no forex fees. A user can order the Nexo card through the mobile application of Nexo and also manage it from their account on the Nexo mobile app. 

If you are thinking about the credit limit, then let us tell you that it depends upon the line of credit you have with Nexo. Nexo card comes with a mobile app and you can use it to freeze your Nexo card if it gets stolen or you lose your card. A user can also use the mobile app to keep track of their spending and also change the pin of their Nexo card. 

Nexo has one interesting offer for its Nexo credit card users as they receive 5% cashback on all their purchases through the Nexo card. This cashback is added to the user’s wallet. 

Conclusion 

Nexo is widely regarded as one of the leading crypto lending companies and they too have proved that they are indeed a credible and innovative company. They have raised $50 million so far and were spun off from a publicly-traded company. Those are enough trust factors that can make a user believe that their funds are safe with Nexo. Our verdict for Nexo.io is that it is one of the leading players in crypto lending & borrowing space. We are putting it in “Paying” status.