Who are the Nexo Founders?
Nexo was founded by the Credissimo team who have been in business for over 10+ years and awarded as one of the top 100 Financial Tech companies in Europe.
Official How to make a suggestion about Nexo’s products, token utility, and governance?
Since its launch in 2018, Nexo has always aimed to be a powerhouse solving real problems for the blockchain industry and its growing number of users across the globe. Nexo’s product development has been and will continue to be set by the blockchain community’s needs.Nexo’s project team is thus always actively sourcing feedback and proposals…
Is Nexo a pyramid scheme?!
NEXO is definitely not a pyramid scheme, if it were, how is it functioning like one? I’m not buying anything from Nexo to sell or refer anyone else to use it. I can’t really give you more advice, just from my experience using it, talking to various team members at Nexo, and being in the…
Nexo announced a Buyback, has it been done, how can I track it?
The buyback has started, it seems like they are doing the buyback bit by bit instead of the full amount all at once. They purchase these tokens from the open market, where there is liquidity (Huobi for instance). You can check how many tokens have been bought back so far here: https://etherscan.io/address/0x1C433CBF4777e1f0dCe0374d79aaa8ecDC76B497#tokentxns Update: The buyback…
What happens if the market crashes?
The Loan-to-Value (i.e. ~60% for BTC and ETH) is dynamically determined by the Nexo Oracle algorithms, depending on the current and historical volatility and market liquidity of the asset. If the assets decrease significantly in value and you do not contribute additional assets to your Nexo Wallet after receiving a warning from the Nexo Oracle,…
How can NEXO afford such high interest rates?
Simple, they borrow your money for ~8% and they lend it out for ~11.9% (no loyalty, this used to be 24.9% but I guess they changed it because it made them look like loan-sharks). The concept behind Nexo is to make Crypto as liquid as possible for clients. Instead of selling crypto you can temporarily…
What happens to my assets if NEXO goes under?
In the unlikely event that Nexo goes under, yes, your money is gone. There is no insurance in the world that covers something like that I’m afraid. It’s the same for Celsius, CDC, or any wallet provider.. remember, not your keys not your crypto. There is always a risk. Update 07-2022: As proven by CelPonzi…
Is Nexo trustworthy?
Considering that the founders of Nexo are some of the same people behind Credissimo an established successful award winning FinTech Group founded in 2007 which is still around gives gives me reassurance that my coins are somewhat safe. At the end of the day we’re all taking a risk here. I’d be very surprised if…
How is NEXO profitable?
Lending is the most profitable crypto market segment. Businesses are now parking their idle cash with crypto lenders. This trickle will soon become a flood. Nexo is arguably the most profitable lender. NEXO made ~$20m profit it’s first year alone, paying a $6m dividend.
What happens if people fail to pay back the money, but at the same time the deposited BTC/ETH loose value and are not able to cover the loan amount any more?
With people then realising their collateral is valued at less then the money they have to pay back, thus being incentivised towards defaulting rather than paying back to get their crypto.) If the collateral does not cover the loan due to falling prices, the loan agreement as far as I know will be automatically terminated,…