Nexo is up 11% and Double Year-to-date, Here’s why
Nexo (NEXO) price is up by 11.21 % in the last 24hours. NEXO is now trading at $0.1748839, which is a doubled from its 2019 all-time low of $0.0617015.
Nexo is a blockchain-based overdraft system that allows users to make instant crypto loans. Over the last couple of months, NEXO has shown significant growth and is currently ranked as No. 54 with a market cap of $98.1million. The concept of getting loans against cryptocurrencies is catching up with customers since it is quite convenient compared to traditional banking practices. Users like the fact that no other collateral except for the cryptocurrency assets. Users also like the fact that they continue to remain the owners of their crypto assets in addition to the security provided by blockchain technology.
https://twitter.com/SydneyIfergan/status/1232351127619936257
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Favorable lending terms
In February, the Nexo team decided to update its crypto lending terms. Among the updates made were the requirements to stake enough Nexo tokens to cover the interest for the loan until repayment is made. This will entitle the user to a 50% discount on interest. Another update includes the ability to use any Nexo supported crypto or fiat currency for repayments. Following the upgrade, Nexo prices jumped from $0.143 on February 5 to $0.20 on February 10. Nexo announced:
“The updated terms of crypto lending platform @NexoFinance has increased the demand for its $NEXO tokens, which in turn resulted in a price increase of upwards of 40% during the past week.”
https://twitter.com/bulletinchain/status/1226982533256163329
Nexo partnership with Fireblocks
Last month, Nexo formed a partnership with Fireblocks for trustless blockchain trade settlements. According to the announcement, the new collaboration is was aimed at helping Nexo further their business opportunities provide to retail and institutional clients. The partnership has helped Nexo execute trustless block trade settlements, offer excellent custodian services, and increase the execution speed to institutional services.
“Nexo is pleased to announce the signing of our collaboration with @FireblocksHQ
security platform at @BlockWorksGroup‘s #DASLondon to further the business opportunities & increase the execution speed we provide for both our institutional & retail clients.”
Nexo switch to Multi-Collateral DAI
Nexo recently announced that it has an essential switch from the old, single-collateral DAI (SAI) to Multi-Collateral DAI to allow users on its platform to earn about 8% compounding interest on Dai.
https://twitter.com/NexoFinance/status/1227637986248011778
According to MakrDao Multi-Collateral Dai as “A tool in the DeFi toolbox that can help harness the power of money to solve global problems.”
The switch has helped drive Nexo growth.