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Invest in Nexo Coin in 2024
Nexo is a cryptocurrency-based platform that enables instant loans using its native token to offer higher interest rates. If you’re looking for more information on this project, you’ve certainly come to the right page.
In this guide, we’ll cover where to buy NEXO, how it works along with some other important information such as how to keep your account safe. Read on to find out all there is to know.
What Is Nexo Coin?
General Overview:
Nexo is a regulated borrowing and lending platform that allows users to earn interest on their digital assets. A range of cryptocurrencies can be used as collateral including Bitcoin, Binance Coin, Bitcoin Cash, Ripple (XRP), and Litecoin. You can buy NEXO tokens in the same way as other cryptocurrencies.
Origin:
Nexo claims to be the “world’s largest and most trusted lending institution in the digital finance business.” Credissimo, a FinTech firm based in Switzerland, founded NEXO. The project was announced in December 2017 and subsequently launched in April 2018. Since then, the platform has processed over $4 billion for more than a million customers, making a name for itself in the industry.
Key Facts:
At the time of writing, Nexo has a market capitalization of about $1.57 billion, making it a top 100 cryptocurrency in the world.
On the platform, you can borrow a minimum of $50 and a maximum of $2 million. Also, the platform has a card, called the Nexo Card accepted by over 40 million merchants all over the world.
The Nexo card gives 2% cashback on many purchases.
- Users can lend and earn interest on a variety of currencies.
- The advisory board includes notable industry leaders
- Dividends for token holders
- Instant crypto credit line
- Same/next day free local bank withdrawals.
- The site has been insured, soassets are protected inthe event of a hack.
- The Nexo card can be used in a variety of merchant locations across the world.
- There is no anonymity since users need to enter their email addresses.
- It could still be vulnerable to cyber-attacks as the platform is somewhat centralized.
- Some competitors might have better interest rates than NEXO.
How Does Nexo Coin Work
General Overview:
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Users can borrow funds by putting up their digital assets as collateral. Likewise, they can earn interest for lending their assets as well.
Purpose:
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NEXO’s mission is to maximize the functionality of cryptocurrencies by offering tax-efficient and instant crypto credit lines and high-yield generating crypto products.
Mining/regular Releases:
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NEXO is an ERC-20 token on the Ethereum blockchain. This means that transactions are validated by the Ethereum mainnet. There are over 560 million coins in circulation and there will only ever be 1,000,000,000 NEXO tokens.
Official Pages:
Ways to Buy Nexo Coin
You can buy NEXO through any of the following ways:
Cryptocurrency Exchanges:
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Exchanges allow users to swap their funds for cryptocurrencies. You can swap a fiat currency such as USD into NEXO or other cryptocurrencies such as BTC into NEXO as well.
P2P Marketplaces:
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Peer-to-peer crypto platforms allow you to buy NEXO directly from another seller.
ATMs:
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Crypto ATMs are not very common worldwide but if you find one, you could buy Bitcoin and swap it for NEXO coin by sending it to a cryptocurrency exchange.
How to Invest in Nexo Coin
Here are the ways to invest in NEXO. Familiarizing yourself with the various options can help you make more informed decisions.
Nexo Cryptocurrency Exchanges:
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You can use cryptocurrency exchanges to purchase Nexo tokens by depositing funds from a variety of different payment methods including credit/debit cards and bank transfers.
P2P Marketplaces:
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On these platforms, you can purchase NEXO tokens directly from another user.
Crypto Wallets:
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Nowadays, many crypto wallets offer more functionality than just storage for your digital assets. Indeed, you can now use them to purchase tokens directly from the app itself. These applications can be downloaded on your PC or phone for free.
Is It Safe to Invest in Nexo Coin Right Now?
Cryptocurrencies are highly volatile assets and Nexo is no different.
This means that the price of the token can swing in both directions in a short period of time.
That said, Nexo is one of the most popular lending and borrowing platforms in the space, with great support from the community. If it continues developing its products and providing the best service available to customers, then it has the potential to do very well in the years to come.
However, as ever, gains are not guaranteed and another project may come out later that steals market share away from Nexo.
It’s important to consider all the possibilities before making a decision.
Rule number one is to only invest with money you can afford to lose.
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